XPL (Plasma) fell 2.94% in the last 24 hours

Gate News Bot news, on November 17, according to CoinMarketCap data, XPL (Plasma) is currently priced at 0.23 USD, having fallen 2.94% in the last 24 hours, reaching a high of 0.31 USD and a low of 0.22 USD. The 24-hour volume reached 160 million USD. The current market capitalization is approximately 407 million USD, a decrease of 12.3431 million USD compared to yesterday. XPL is currently ranked 123rd in the Crypto Assets market capitalization ranking.

Important recent news about XPL:

1️⃣ Transfer of XPL token custody rights, enhancing asset security Plasma plans to transfer the custody of XPL tokens to the federally chartered crypto bank Anchorage within 48 hours. This move aims to enhance the security and compliance of XPL tokens, potentially boosting investor confidence. However, in the short term, it may raise market concerns regarding the liquidity of the tokens, affecting price performance.

2️⃣ Plasma stablecoin deposits hit a record high of $7 billion After the launch of the native token XPL in the third quarter, Plasma's stablecoin deposits exceeded $7 billion, setting a new record for deposits on a newly launched Layer 1 blockchain. This achievement highlights Plasma's important position in the stablecoin ecosystem and provides strong foundational support for XPL.

3️⃣ Whale Positioning Trends Attract Market Attention An address referred to as “suspected XPL insider whale” has once again made a significant position layout after two months, opening a 20x leveraged long position in BTC, with a holding scale reaching 31.4 million USD. This address previously opened a long position in XPL before the substantial rise at the end of September, recording a profit of about 16 million USD. This movement has attracted market attention and may impact the short-term price trend of XPL.

From a technical perspective, XPL is currently showing a fluctuating downward trend. Considering the important position of the Plasma network in the stablecoin market, the medium to long-term development prospects are still worth paying attention to. However, in the short term, changes in token custody and the trading trends of large holders may trigger market fluctuations, and investors should closely monitor the project's ongoing development and potential regulatory impacts.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.