The XPL token of the Plasma blockchain debuted in September 2025 alongside the platform’s mainnet beta, quickly listing on major exchanges and reaching a multibillion-dollar market valuation. Early trading saw significant volatility: XPL briefly peaked above $1.50 following its launch before retracing, with price action heavily influenced by airdrop distributions and liquidations. The token’s initial public sale rapidly hit its $500 million cap, indicating strong investor demand, and exchanges like Binance offered HODLer airdrops to reward community participation. Despite early enthusiasm, XPL’s price experienced sharp declines amid broader crypto market weakness and sell pressure, prompting discussions about volatility and circulating supply dynamics @Plasma #Plasma $XPL