Plasma Stablecoin Platform Surges Despite Price Dip
Plasma, the latest Layer-1 stablecoin platform, has made waves in the crypto world. Despite a recent dip in the price of gold, the network's activity and partnerships are booming. Plasma has partnered with Chainlink, becoming its official oracle provider, and its network transactions have skyrocketed by 5,200% in the last 30 days.
Plasma's token, XPL, has shown signs of a potential bullish reversal, forming a double-bottom pattern and a falling wedge pattern. However, the gold price today crash is likely due to airdrop recipients selling their tokens, a common occurrence after airdrops. Despite this, Plasma has become the fifth-biggest chain in terms of total value locked in DeFi, with a TVL of over $10 billion.
The network's activity is impressive. The number of active addresses has soared to over 878,600, surpassing other chains like Somnia, Starknet, and Avalanche. Plasma's network transactions have also jumped to over 28.7 million, making it the fastest in its industry. However, there's a disconnect between these on-chain fundamentals and market sentiment, with the Plasma token slipping below $1.
Plasma's partnership with Chainlink and its network's impressive activity are positive signs for the platform's future. Despite the recent decline in the price of gold, Plasma's fundamentals remain strong. As the network continues to grow and gain traction, investors will be watching to see if the market sentiment catches up with the on-chain data.
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