Plasma's XPL token rallies before mainnet beta launch

Plasma’s mainnet beta launch sparked a pre-market rally for XPL tokens. The asset expanded to $0.84 about an hour ahead of the official launch. 

XPL tokens, the native assets of the Plasma network, were expected to enter price discovery on September 25. The date was set for the official launch of the Plasma mainnet beta, expecting the first blocks to start from 12:00 GMT. As Cryptopolitan reported this week, the Tether-backed chain announced its launch ahead of time, potentially allowing the event to boost the token hype.

Minutes before the network’s launch, XPL had a pre-market rally. XPL bounced from its previous range of $0.78 to $0.84, expecting additional volumes. Ahead of the launch, Lbank volumes dwindled to zero, but the token shifted to BingX, with $1.7M in daily volumes. 

Price discovery for XPL is closely watched, as the token went through a cycle of price volatility. Whales on Hyperliquid caused massive short liquidations, sparking suspicions of market manipulation. XPL may remain risky and volatile in the days after its official launch. 

Plasma to launch with $2B stablecoin supply

Plasma is a high-profile project, deciding on a long run-up to its mainnet launch. The chain expects to start with $2B in stablecoin liquidity from its very first day of operation. Plasma will also launch with immediate access to 280M Binance users, immediately activating Plasma-based USDT. 

In a market that is saturated with chains, Plasma has recognized the importance of guaranteed liquidity to attract users. 

Plasma mainnet beta will go live with $2B+ in liquidity, making us the 8th largest chain by stablecoin supply.

The future is bright, on Plasma. pic.twitter.com/KPALwq1AJq

— Plasma (@PlasmaFDN) September 23, 2025

The Plasma project is one of the well-funded IEO, raising over $75M for a valuation of $500M. The project raised $51M from a public sale and an additional $24M from VC rounds. Plasma has gained support from Bybit, potentially expecting a relatively fast listing. On Thursday, Plasma also expects to launch on Binance just an hour after the chain’s launch.

The projected market cap for the project is $1.49B based on free-float XPL tokens. Plasma is a low-float token, with a total market cap of $8.28B.

Will XPL trade close to $1? 

The XPL token is yet to show its price discovery and achieve mass appeal. XPL was relatively flat during pre-market trading, though the token launch suggests a rally coming soon. 

Based on Polymarket prediction pairs, XPL will launch with a valuation above $1B on its first day of trading. 

On Hyperliquid, the token also continues with lively speculation, inviting 81 whales to take positions. A total of 24 whales are shorting XPL, while 30 whales have taken long positions. The biggest position is an XPL short with a notional value of $1.1M. 

The token has accrued significant social media hype, showing that despite the recent meme season, utility projects are making a comeback. As with other high-profile events, XPL and Plasma have also invited potential scams and malicious links for claiming XPL tokens.

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