[XPL] Plasma Speculation

[tokeweed]

This one looks like it was under the radar.  I mean I heard about it when it had its token sale but I faded it as I thought not a lot of people i  crypto would go for an L1 made specifically for a stablecoin and payments.  But then it dawned on my that it's doing something like what Hyperliquid is doing, but from a different angle. 

Hyperliquid started their eco with their decentralized exchange at the forefront then expanded from their to have their own stablecoin.  Plasma on the other hand is starting their eco with their stablecoin at the forefront then expand from there.  Maybe they'll start developing their perps DEX next? 

Anyway, it was one of the better TGE's seen lately.  The price is looking good too. 

[tokeweed]

So did some of you guys get in XPL at TGE?  It's still going up right now albeit some selling from 1.50 USD back down to 1.40.  But it's a 2x from TGE just a couple days ago which opened at .70 - .80 then went over 1 USD.  There was a decent amount of time to get in at those prices as it wasn't a straight line up if you look at the hourly. 

I think XPL is a more of a hold compared to something like ASTER as mostly the latter is just a trade for those guys who missed HYPE below 10 bucks.  XPL on the other hand could be building something huge.

[tokeweed]

Ok guys...  After a strong couple of days going from .70 to 1.65ish USD, it looks like some of the ICO buyers are unloading their bags.  Price is down to 1.23 USD right now and it could go slightly lower.

But is this the end of this run?  Well...  Maybe.  But that's just short term.  Long term, Plasma could be one of the most important projects in crypto for some time.  I think it's up there with Hyperliquid.

So if anything BTFD.

NFA tho.  Stay safe out there.

Edit:  None of you are into Plasma?

[DPHOR]

I am surprised I haven't came across this token or even heard about them during their preliminary stages. Most time there are some projects that are self funded which they aren't that making much noise on the space until they are well developed and build up. However, this could actually be a better project because some of the altcoin that are mostly seen shitcoin often happens to do well in a long run which I know may not attract eyes until it's being noticed in the market, and before they could realized it the price has significantly changed from where it's to what they can't actually predict anymore. I don't know if they had already listed on CMC or any exchange, though I am not a fan of altcoins due to its price fluctuations.

[FinneysTrueVision]

Ok guys...  After a strong couple of days going from .70 to 1.65ish USD, it looks like some of the ICO buyers are unloading their bags.  Price is down to 1.23 USD right now and it could go slightly lower.

But is this the end of this run?  Well...  Maybe.  But that's just short term.  Long term, Plasma could be one of the most important projects in crypto for some time.  I think it's up there with Hyperliquid.

So if anything BTFD.

NFA tho.  Stay safe out there.

Edit:  None of you are into Plasma?

I tried LP’ing after seeing DEXs advertise APRs of thousands of percent on XPL pairs, but the impermanent loss was brutal with the current price action. The market cap feels a bit lower than what it should be. I think they are also working on some privacy stuff that I find intriguing. For the time being, I won’t hold too much of the token, but if there are some interesting yield opportunities that won’t wreck you with IL and aren’t dependent on unsustainable incentives, I might migrate some funds over.

[asriloni]

I tried LP’ing after seeing DEXs advertise APRs of thousands of percent on XPL pairs, but the impermanent loss was brutal with the current price action. The market cap feels a bit lower than what it should be. I think they are also working on some privacy stuff that I find intriguing. For the time being, I won’t hold too much of the token, but if there are some interesting yield opportunities that won’t wreck you with IL and aren’t dependent on unsustainable incentives, I might migrate some funds over.

https://app.merkl.xyz/?chain=9745

Thousands % of APR by LPing looked so juicy. However, not worthy considering how fast our position will be out of range combined with XPL price that mcay decrease over time. I'd rather stick on merkle. There are plenties of opportunities that only require us only to stake our stable token. I know if may offer less APRs than LPing in dex, but i think it's better since it's not giving us IL. So we can expect pure profit just only by doing that defi activities.

[tokeweed]

Is this the XPL bottom post TGE?  What do you guys think?

I mean if it looks like the bottom and it feels like the bottom then it might not be the bottom.  Lolol.  Dunno tho.  I think I'm gonna wait a couple more days before going in.  I suck at timing bottoms.  Would rather get in once it starts breaking out the .90 - 95 range.

Stay safe out there.

[sxsxsx]

Don't think its the bottom yet, probably will have to give it a week more or so. Too many ppl on twitter still talking abt it and seems to me a lot of them are trying to time the btm and leveraging longs (funding rate looking very positive). Feeling this price action is very similar to PUMP and if that's the case maybe down 1 more leg, consolidation before up? tots on this?

[shinratensei_]

Is this the XPL bottom post TGE?  What do you guys think?

I mean if it looks like the bottom and it feels like the bottom then it might not be the bottom.  Lolol.  Dunno tho.  I think I'm gonna wait a couple more days before going in.  I suck at timing bottoms.  Would rather get in once it starts breaking out the .90 - 95 range.

Stay safe out there.

Kinda hard to tell, I mean when people are investing to presale with $100 and got airdropped coins worth around 9k there will be huge selling pressure but the hype is there, volume is there and market cap has been on the normal side.
It could be the bottom as long as the chain grow as well as the TVL but I rarely bet on a coin with huge airdrop like this, one of my worry is their XPL incentivization for liquidity provider in thier chain. This can become endless selling pressure.

[tokeweed]

^  Yeah dunno what's going on with the protocol itself and if the airdrop recipients have already sold their bags.  I'm just looking at the chart rn and it's looking like all the selling has stopped.  I mean there are some people selling but it isn't as bad as last week...  So maybe the demand will watch up and take XPL above .95. 

That would be the only reason I'd start buying XPL.  Once it shows some strength and right now, resistance is at .95 so a break out above that would be nice.

[tokeweed]

Damn...  So I bought when it broke out .95 USD then bought more when it broke out 1 USD and it quickly went south when it went and hit around 1.05 - 1.06 USD.  Didn't stop my losses until .80 USD tho when it was teetering around .85 - .86 then somebody sold a huge position taking it down to .80. 

It hurt a little.  Lolol. 

Anyway, it's prolly best to stay away from XPL for now until those guys who got in via the ICO stop selling.  And there's also some campaign around DeFi protocols to provide stables as liquidity in exchange for XPL incentives...  So yeah, that prolly adds a little bit of selling pressure too.

[sxsxsx]

Price action on xpl is crazy. just sliding down without any retracement and hav been the worst performer for top 100 mc coin since btc went 109k to >120k. Still feeling more downs ahead if the team does not come out with any new features other than just more defi farming. Looking at 0.4-0.6 bottom given that so many are still trying to catch falling knife and theres so much open interest on it (likely longs). what they are trying to accomplish is amazing but with this price action and knowing that all the early investors got in at 0.05 n lower, im worried that it will follow the price action of those high FDV coins like W (wormhole).

[tokeweed]

^  Yup...  Sentiment for XPL went from very positive during TGE to negative a week later.  It sucks but what can anybody really do.  Nothing.    If we really look into it, the devs are incentivizing LP's via XPL rewards and some of the LP's could be mercenary capital who will dump XPL and leave when all the incentives aren't worth it for them anymore.

Right now the TVL is high but let's see when the XPL incentives dry up in a few weeks.  I like Plasma and hope the best for the project but things are not looking good atm.

As for the price, the lower the better so we could ape in for really cheap. 

[asriloni]

Price action on xpl is crazy. just sliding down without any retracement and hav been the worst performer for top 100 mc coin since btc went 109k to >120k. Still feeling more downs ahead if the team does not come out with any new features other than just more defi farming. Looking at 0.4-0.6 bottom given that so many are still trying to catch falling knife and theres so much open interest on it (likely longs). what they are trying to accomplish is amazing but with this price action and knowing that all the early investors got in at 0.05 n lower, im worried that it will follow the price action of those high FDV coins like W (wormhole).

Don't be surprised with Plasma's dump. they used itheir own token as incentive to pump its on chain liquidity. It means more XPL goes to the market, and dump will never stop. This is why i don't like the idea of incentivizing the liq provider through its own token distribution.

Just prepare yourself to see XPL to go even deeper than the current price. More incentive means more dump to the market as people who received that incentive dump it for the profit. Unless they will stop incentivizing liq provider, there will never be retracement.

[sxsxsx]

Price action on xpl is crazy. just sliding down without any retracement and hav been the worst performer for top 100 mc coin since btc went 109k to >120k. Still feeling more downs ahead if the team does not come out with any new features other than just more defi farming. Looking at 0.4-0.6 bottom given that so many are still trying to catch falling knife and theres so much open interest on it (likely longs). what they are trying to accomplish is amazing but with this price action and knowing that all the early investors got in at 0.05 n lower, im worried that it will follow the price action of those high FDV coins like W (wormhole).

Don't be surprised with Plasma's dump. they used itheir own token as incentive to pump its on chain liquidity. It means more XPL goes to the market, and dump will never stop. This is why i don't like the idea of incentivizing the liq provider through its own token distribution.

Just prepare yourself to see XPL to go even deeper than the current price. More incentive means more dump to the market as people who received that incentive dump it for the profit. Unless they will stop incentivizing liq provider, there will never be retracement.

Agree that it might go deeper than current price. At this point, i would rather not time the bottom based on price but rather on duration or if there's any new product development. I do think that it is somewhat fundamentally sound (not just a team that wants to do a quick vc exit scam) and have a low chance it would follow most high FDV coins price pattern (going down 95% and never going up) given that it had captured large attention from crypto twitter and also a mindshare that "Paolo is involved in the project". Definitely one of the project to be following closely as if they can really execute it well, its gonna be big i feel unlike typical L1s.