Plasma’s $XPL coin has just launched its mainnet beta, debuting on major exchanges like Binance and $OKX with a market cap of over $2.4 billion and backed by $2 billion in stablecoin liquidity. The token, used for gas, staking and rewards, has seen sharp volatility since launch, with whales triggering sudden surges and over $160 million in liquidations on Hyperliquid. This prompted exchanges to introduce new safeguards after concerns of manipulation and speculation linking large trades to Justin Sun. $XPL has traded between $1.05 and $1.52 in recent days, gaining strong momentum, though analysts warn that upcoming 2026 token unlocks could bring selling pressure. The project’s roadmap includes zero-fee stablecoin transfers, a $BTC bridge, and the launch of a Plasma debit card later this year.