When Plasma's XPL token was issued a month ago crypto investors were chomping at the bit to buy a slice of the new blockchain that was built for stablecoins.
But despite stablecoins being a dominant theme throughout this bull cycle, Plasma failed to live up to the hype; with XPL now having lost more than 80% of its value since September's short-lived high of $1.67
XPL offers an intriguing value proposition as the core token of a stablecoin-centric Layer-1 blockchain, but its price performance after launch has been challenging and demand remains tied to broader adoption of Plasma’s network features. Utility improvements like staking and governance could support higher demand in 2026, but volatility, adoption uncertainty, and market sentiment are key risks to monitor.
