Plasma’s XPL slips under $0.90 despite record turnover

Plasma’s XPL token is closely watched for a price recovery, as it still hovers around $0.86. The token achieved the highest daily turnover, with daily trading exceeding the token’s supply. 

XPL is the most actively traded token, with daily turnover exceeding the supply for a ratio of 1.1. The token is still trading with a high mindshare, though this is not reflected in the market price. 

XPL open interest also stalled at just under $1B, with around 67% in long positions. For now, the token mostly saw long liquidations, to the tune of $3.3M in the past 24 hours. The token is still highly active on Hyperliquid, with 56% of whales going long. However, the biggest Hyperliquid position is a short trade with a $72.5M notional value. 

XPL has been sliding since September 28, after peaking at $1.67. The token’s price remained relatively depressed, despite the recent news of picking up ChainLink as a reliable oracle. 

Stablecoin rails for global money movement require accurate, high performance data feeds.

We are partnering with @Chainlink to provide oracle services on Plasma so builders can use digital dollars to create life-changing financial applications for those who need it most. https://t.co/FSt7zHSTwZ

— Plasma (@Plasma) October 3, 2025

Even with the promises of becoming a stablecoin and financial hub, the early performance of XPL disappointed some of the investors, while the chain still has to show its real utility.

XPL trades with multiple sources of liquidity

Despite the attention, XPL traded under $0.90, getting closer to its all-time low of $0.74. The launch of XPL coincided with other high-profile airdrops, especially Aster (ASTER). However, XPL did not achieve the ‘up only’ result following its airdrop, despite the overall market recovery. 

Plasma is still the most active token based on the ratio of its trading volumes to market cap. Volumes ranged between $2.4B and $1.7B, turning over the entire circulating supply of 1.8B tokens. The volumes are also consistently above the token’s market cap of $1.6B, suggesting significant liquidity and lively trading. 

XPL activity shifted to Bybit, which carries over 24% of the trade volume, with 18% on Binance. The current XPL valuation also includes a reported 49% of volumes against the Korean won. The token’s pairs on Upbit and Bithumb, however, have fluctuating volumes as XPL still discovers its main sources of liquidity. 

Did the Plasma team sell XPL tokens? 

One of the sources of price pressure for XPL was rumours of insider selling. However, most of the XPL is vested and visible on a single address, at least on its BSC version. There are no signs of selling or sending XPL to exchanges.

Plasma’s CEO, Paul Faecks, denied the rumours of insider selling, despite chart analysts suspecting a directed effort to tank the price of XPL. As Cryptopolitan reported earlier, on-chain data indicate that the Wintermute market maker transferred significant amounts of XPL to exchanges. 

The token gained immediate listings and may also have some of its volumes boosted by market makers. Plasma’s high-profile launch and its positioning as the sixth-largest chain by value locked and stablecoin supply also meant XPL was seen as a potential breakout token, similar to ASTER. 

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