Can XPL Coin Sustain Its Meteoric Rise?

XPL coin, the mainnet asset of Plasma, has made significant strides even before its official launch. Trading at a pre-market price of around $0.45 on Binance Futures and Hyperliquid’s platform, XPL boasts a fully diluted valuation of $4.5 billion. The impressive climb follows a public sale in July 2025, where 10% of its 1 billion total supply was sold at $0.05 each, raising $373 million in just 10 days. Current valuations represent a tenfold increase, highlighting enthusiastic early backing.

Binance has initiated pre-market order books for XPL, while Hyperliquid offers a 3x leveraged XPL-USD hyperps contract. Notably, Hyperliquid eschews external spot or index oracles, opting for a funding rate driven by the contract’s market price average. This approach reduces manipulation, a common issue in pre-listing futures. Early data from Hyperliquid indicates trading volumes near $49 million and open interest at $33 million. Analyst Ignas noted a roughly tenfold premium in XPL’s trading, with long positions facing an annualized funding rate of about 1200%.

How Effective Are Binance’s Strategies for XPL?

Binance’s initiatives have further bolstered XPL’s value. The platform’s “Plasma USDT Locked Product,” featuring daily USDT returns and XPL rewards, quickly reached its 250 million USDT cap. On Friday, this limit expanded to 1 billion USDT across various subscription tiers, with the second 250 million USDT tranche selling out in just three minutes. Plasma, a Layer-1 network backed by Bitfinex, exceeded its initial $50 million goal during its public sale, securing $373 million. It focuses on fee-less USDT transfers, having shifted plans from integrating Bitcoin’s UTXO model to functioning as an independent Layer-1 network.

Concrete outcomes highlight:

• Current trading price for XPL at $0.45, marking a tenfold increase.
• Hyperliquid’s innovative model alleviates typical pre-market manipulation risks.
• Binance’s campaigns significantly drive investor interest, with quotas rapidly met.
• The transformative potential of fee-less USDT transfers on Plasma’s network.

Future prospects for XPL coin hold great promise, with initial strategies showing considerable success and investor confidence remaining strong. The movement towards independent Layer-1 functionality further emphasizes the coin’s innovative approach in the cryptocurrency landscape.