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For some time now, the launch of altcoins has become increasingly frustrating for investors. This is because there are those who aim to turn the process into a profit opportunity. Additionally, challenges arise when individuals seek indirect gains from speculative movements, influencing prices in the futures market.
Plunge in XPL Coin Value
The XPL Coin price experienced a notable decline after peaking around $1.66 just over three days and 20 hours ago. Consistent sell-offs, as seen during the PUMP and WLFI launches, contributed to this downturn. Previously, prices either surged strongly or faced steep drops, with Justin Sun being a cited factor for WLFI. In the case of PUMP Coin, overall market sentiment and reactionary sales were discussed.
There are allegations that the Plasma team engaged in selling XPL Coin; however, this is firmly denied by Plasma. Paul, Plasma’s co-founder, stated that all team and investor XPL tokens are subject to a one-year vesting period and a three-year lock-up period, with none having been sold. Only three of their roughly 50 team members have previously worked at Blur or Blast, disproving the “former Blast” label.
“Since XPL’s launch, rumors have been circulating and we want to clarify this. No team member has sold XPL. All investors and the team’s XPLs have a one-year vesting period and are locked for three years.
Approximately three out of our ’50-member team’ have worked at Blur or Blast. Our team members also come from Google, Facebook, Square, Temasek, Goldman Sachs, and Nuvei. Claiming our team is ‘former Blast’ is akin to calling any of these firms ‘former’. We take pride in the team we’ve assembled at Plasma.
We have not appointed Wintermute as a market maker, nor contracted them for any services. Our knowledge about Wintermute owning XPL aligns with public information. We focus on building the future of money and will not comment further. We are extremely grateful for our community’s support. Let’s return to work.”
Following the statement, the XPL price began to recover from its new ATL level. Given that current price movements are increasingly tied to news, utilizing the CryptoAppsy news section could be beneficial for you.
