XPL: Peak Hype to Post-Unlock Reality ❗❗❗
Plasma (XPL), the Layer-1 designed for zero-fee USD₮ stablecoin payments, launched in September 2025 with $2 billion in liquidity, propelling its token to an ATH of approximately $1.68.
However, the current market is dominated by bearish supply dynamics. The price has since crashed over 85%, recently trading around $0.22. A significant factor was the large $18M token unlock on November 25th, which fueled sell pressure. Despite its technical promise and focus on stablecoin utility, Plasma faces hurdles with low on-chain activity and declining Total Value Locked (TVL). The project's future now hinges on delivering its roadmap to drive real-world stablecoin adoption.
