XPL(Plasma)24-hour fall 2.73%, 24-hour volume reached 286 million USD

Gate News Bot news, October 31, according to CoinMarketCap data, as of the time of publication, XPL(Plasma) is currently priced at $0.30, falling 2.73% in the last 24 hours, with a high of $0.41 and a low of $0.28. The 24-hour volume reached $286 million. The current market capitalization is approximately $543 million, a decrease of $15.2535 million from yesterday. Currently, XPL ranks 98th in the global crypto assets market capitalization.

Plasma is a high-performance Layer 1 blockchain specifically designed for stablecoins. It offers near-instant, zero-fee payments for stablecoins and features institutional-level security. Plasma supports over 1000 transactions per second, with block times of less than 1 second. The project has received support from well-known institutions including Founders Fund and Framework.

XPL recent important news:

1️⃣ XPL price continues to be under pressure In the past 24 hours, the price of XPL has fallen by 7.72%, ranking among the top declines in mainstream Crypto Assets. The current price is $0.33, with a high of $0.36 and a low of $0.32 in the last 24 hours. The market capitalization has shrunk to approximately $600 million, significantly reduced from the previous day. This trend may be related to the recent tightening of regulations on stablecoins, with Plasma, a network focused on stablecoins, being significantly affected.

2️⃣ Suspected large holders increasing positions in XPL A large address that accurately predicted the launch of a certain coin has increased its long position on XPL in the past 5 hours. The address has newly opened a 10x leveraged long position on XPL, with a scale of 1.13 million dollars. Although it currently has a slight floating loss of 2%, this move shows that some investors remain optimistic about XPL's future.

3️⃣ USDT supply on the Plasma chain increases The circulating supply of USDT on the Plasma chain has reached approximately $4.8 billion, held by around 46,000 holders. This data reflects the expanding application of the Plasma network in stablecoin trading and transfers, which may support the long-term development of XPL.

From a technical perspective, XPL is currently in a downtrend and may continue to face pressure in the short term. However, considering its unique position in the stablecoin space and factors such as large holders accumulating, its medium to long-term development is still worth noting. Investors should closely monitor the global economic situation, regulatory developments, and changes in the project's fundamentals.

This message does not constitute investment advice; investors should be aware of market volatility risks.