The passing of Eugene Shen, co-founder and CTO of Plume Network, on May 29, 2025, triggered a rapid sell-off of the network's tokens, impacting their price.
Announcement of Eugene Shen's Passing
On May 29, the network's official account on X announced the passing of Eugene Shen. While the cause of death was not disclosed, the post implied that it was unexpected.
Market Reaction to Price Drop
Following the announcement of Shen's death, the Plume token plummeted by 10.2%, dropping from $0.157 to $0.143 within just over an hour. The token's trading volume surged by 46% in the last 24 hours, reaching nearly $35.5 million.
Shen's Role in Plume Network and Project Achievements
Eugene Shen was instrumental in shaping Plume Network, a platform focused on tokenizing real-world assets. Under his leadership, the project raised $30 million in funding and onboarded over 180 projects. He also held senior engineering positions at firms such as Robinhood and dYdX.
Eugene Shen's death has left a significant mark on the Plume Network community, its impact on token prices and investor sentiment may continue to evolve.
