PLUME holders continue to sell off after the co-founder passed away.

A tragic event occurred when Eugene Shen, co-founder of the RWA project named Plume, is reported to have passed away this week. However, the announcement led to a major sell-off, causing the community to split with sharp accusations.

Some people skeptically question whether Plume is a scam or if this announcement of death is just a hoax? Others criticize the allegations and the panic selling, while expressing support for the company. Regardless, this is still a strange market reaction to such a tragic and unfortunate event.

PLUME Token sold off massively

Plume, a blockchain company specializing in the integration of real assets (RWA), has attracted a lot of attention since being invested in by YZi Labs last March. Over the past week, the company's PLUME asset has decreased by 23% and users have started reporting on token sell-off activities yesterday.

The company announced the death of co-founder Eugene Shen, which is believed to be the cause of this price volatility.

The announcement from Plume did not specify the date of death or the cause of Shen's death, only stating that the incident occurred last week. Nevertheless, this somewhat explains the sell-off of PLUME tokens among some users, many of whom have strongly condemned the actions of the investors.

Although PLUME has decreased in price over the past few days, today it continues to drop by an additional 13% with trading volume increasing by 289%. The death of Shen may be the reason behind today's price movements.

PLUME Price Chart | Source: TradingviewHowever, other hypotheses are also beginning to spread, although they remain a minority opinion. Why has the price started to decline from a few days ago?

Some token holders seem to be calling PLUME a scam token and believe that the death of the co-founder is just a ruse. However, these claims are unsubstantiated and reflect a concerning lack of empathy.

Even if this is not a popular view, this cold skepticism still shocks the community. It's true that there are a lot of scams in the crypto world right now, but does PLUME really fake a person's death to dump tokens?

Supporters quickly pointed out that Plume has many large investors and companies with a clear development history and presence in the market.

This strange incident only highlights the dark side still hidden within the crypto community. Perhaps the collapse of MANTRA has damaged investors' trust in the entire RWA market, or maybe users are just too tired of scams.

The fact that PLUME users are panic selling tokens after the death of a team member is bad enough, but what is even more concerning is that some people believe it is all just a scam.

Dinh Dinh