In a surprising turn of events, large cryptocurrency investors, commonly referred to as whales, are ramping up their investments in the Plasma XPL token. This move comes as they anticipate a potential price recovery, even in light of significant upcoming token unlocks. The source notes that this trend could indicate growing confidence in the token's future performance.
Whale Wallets Accumulate XPL Tokens
Over the past week, whale wallets have collectively acquired more than $116 million worth of XPL tokens, indicating a strong bullish sentiment among these major players. Concurrently, approximately $383 million worth of XPL tokens has been withdrawn from exchanges, suggesting that investors are opting to hold rather than trade in the current market environment.
Impending Vesting Schedule
However, the excitement may be tempered by the impending vesting schedule, which is set to unlock $90 million worth of XPL tokens on October 25. This event could introduce increased selling pressure, as newly unlocked tokens may flood the market, potentially impacting the price trajectory of XPL in the near term.
