XPL Token Tanks: A Right Mess! 📉

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Oh, the drama! One does so adore a good financial implosion. Apparently, the chap in charge of Plasma, a Mr. Paul Faecks (sounds frightfully efficient, doesn’t it?), is positively denying accusations of… well, selling his shares whilst everyone else’s plummet. The XPL token, you see, took a rather precipitous dive – over 50% over the weekend! Honestly, the vulgarity of it all. 🍸

Mr. Faecks, in a display of admirable indignation, assures us the team hasn’t touched a single XPL. Locked away, apparently, for three years with a year-long holding period. How very… restrained. One wonders if they’re all terribly bored. “No team members have sold any XPL,” he declared. As if that’s what anyone was *actually* worried about. 🙄

It soared to nearly $1.70 on Sunday, can you imagine the brief excitement? Before collapsing to a rather dismal $0.83 by Wednesday. TradingView, bless its little data-driven heart, has documented the entire, rather sad, affair.

A Spot of Bother with the Community

Naturally, the chattering classes – the “community”, as they call themselves – are in a tizzy. They suspect this nefarious “TWAP selling” business. It sounds dreadfully complicated, doesn’t it? Something to do with breaking up large sales into smaller pieces to avoid… alarming everyone. Very sneaky. 🤫

Someone calling themselves ManaMoon (such whimsical nicknames!) has been poking around the “onchain analysis” – whatever that is. Apparently, the Plasma team vault was rather busy sending tokens to exchanges just before the great fall. “Excessive amount of tokens…retail buyers could not withstand,” he writes. Honestly, one shudders.

Another, rather disgruntled soul named crypto_popseye (one suspects a penchant for sea shanties), is blaming the entire team *and* a firm called Wintermute. Apparently, Plasma has “destroyed their chart and momentum” and deserves, according to crypto_popseye, to simply *fail*. A bit strong, don’t you think?

The Plasma team, for their part, stoutly denies any connection with this Wintermute. “We have the same information as the public,” says Mr. Faecks, which is, frankly, a rather unhelpful statement.

Ecosystem Tokens and Evasive Answers

crypto_popseye, not easily deterred, challenged Mr. Faecks on the matter of “ecosystem and growth” tokens. Apparently, these are a rather convenient loophole. The accusation? Mr. Faecks is being… evasive. “Pretty clear they have been sold,” the user insisted. 🤨

And finally, Mr. Faecks declared himself “laser-focused on building the future of money” and refuses to comment further. How very cryptic. One suspects they’ve simply retired to a quiet room with a very large gin and tonic.

I attempted to elicit a further response, naturally, but alas, they seem to be enjoying a prolonged period of silence.

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2025-10-02 11:39