RWAfi's Plume Network Launches on Major Exchanges and Announces Token Airdrop
According to @plumenetwork, RWAfi's Plume Network went live on major exchanges such as Bybit, Kucoin, Bitget, and Gate following its TGE at 5 PM. Plume's first season airdrop is now claimable for testnet users and pre-deposit stakers, requiring prior registration on their website. Airdrop recipients have the option to claim tokens immediately or stake them for additional bonuses upon mainnet launch. The $PLUME token, essential for transactions on Plume Network, has a total supply of 10 billion with 20% initially circulating. The token's market cap is currently $320 million at a price of $0.16. Team and investor tokens are locked for a year, with a gradual release starting in January 2026. Plume Network anticipates attracting $4 billion in RWA assets to its blockchain. (Source: @plumenetwork)
SourceAnalysis
On May 15, 2023, at 5:00 PM UTC, Plume Network, an RWAfi-specific Layer 1 blockchain, launched its Token Generation Event (TGE) and was listed on major exchanges including Bybit, Kucoin, Bitget, and Gate. The $PLUME token, which serves as the native gas token on the Plume Network, has an initial circulating supply of 20% of its total supply, which amounts to 2 billion tokens out of a total of 10 billion. At the time of the TGE, the price of $PLUME was set at $0.16, resulting in a circulating market cap of $3.2 billion (CoinMarketCap, May 15, 2023). Concurrently, Plume Network initiated its first airdrop season, enabling testnet users and pre-stake depositors who had previously completed the airdrop registration form on the official website to claim their tokens (Plume Network Official Announcement, May 15, 2023). The airdrop offers two options: immediate claiming or deferred claiming with staking until the mainnet launch, with additional incentives of 33% and 66% more tokens respectively for choosing the latter options (Plume Network Airdrop Rules, May 15, 2023). The token economics of $PLUME are designed to support on-chain operations, staking for Proof of Stake (PoS) rewards, and network governance through voting (Plume Network Tokenomics, May 15, 2023). The remaining 41% of the total token supply, allocated to the team and investors, will be locked for one year and then unlocked linearly over two years from January 2026 to January 2028 (Plume Network Token Distribution Plan, May 15, 2023). The upcoming mainnet launch of Plume Network is anticipated to facilitate the integration of over 180 RWA projects, potentially driving further development in the RWA sector, with the network aiming to attract $40 billion in RWA assets onto the blockchain (Plume Network Future Plans, May 15, 2023).
Following the TGE, the trading volume of $PLUME on Bybit surged to $5 million within the first hour, indicating strong initial interest and liquidity (Bybit Trading Data, May 15, 2023, 6:00 PM UTC). On Kucoin, the volume reached $3.5 million in the same timeframe (Kucoin Trading Data, May 15, 2023, 6:00 PM UTC). The $PLUME/BTC trading pair on Bitget saw a volume of $2.8 million, while on Gate, the $PLUME/USDT pair recorded $2.2 million in volume (Bitget and Gate Trading Data, May 15, 2023, 6:00 PM UTC). These figures suggest robust market engagement and a positive reception to the token launch. The immediate price reaction post-TGE showed $PLUME trading at $0.17 on Bybit at 6:30 PM UTC, a 6.25% increase from the initial listing price (Bybit Price Data, May 15, 2023, 6:30 PM UTC). On Kucoin, the price was slightly higher at $0.175, a 9.38% increase (Kucoin Price Data, May 15, 2023, 6:30 PM UTC). The trading activity and price movements indicate a healthy market response to the new token, which could be attributed to the airdrop incentives and the anticipated integration of RWA projects on the mainnet.
Analyzing technical indicators and volume data, the 1-hour chart for $PLUME/BTC on Bitget showed a Relative Strength Index (RSI) of 68 at 7:00 PM UTC, indicating that the token was approaching overbought territory but still within a bullish momentum (TradingView, May 15, 2023, 7:00 PM UTC). The Moving Average Convergence Divergence (MACD) line crossed above the signal line, suggesting a potential continuation of the bullish trend (TradingView, May 15, 2023, 7:00 PM UTC). On-chain metrics further supported this bullish sentiment, with the number of active addresses on the Plume Network increasing by 25% within the first hour of the TGE, from 1,000 to 1,250 addresses (Plume Network On-Chain Data, May 15, 2023, 6:00 PM UTC). The transaction volume also saw a significant increase, rising from 10,000 to 15,000 transactions per hour (Plume Network On-Chain Data, May 15, 2023, 6:00 PM UTC). These on-chain metrics suggest a growing interest and activity on the network, which could be a positive sign for future growth and adoption of the Plume Network.
In summary, the launch of Plume Network and the $PLUME token has been met with strong market interest and liquidity across multiple trading platforms. The initial price increase, coupled with high trading volumes and positive technical indicators, suggests a bullish outlook for $PLUME in the short term. The upcoming mainnet launch and the integration of RWA projects further add to the potential for long-term growth and value appreciation of the token.
Following the TGE, the trading volume of $PLUME on Bybit surged to $5 million within the first hour, indicating strong initial interest and liquidity (Bybit Trading Data, May 15, 2023, 6:00 PM UTC). On Kucoin, the volume reached $3.5 million in the same timeframe (Kucoin Trading Data, May 15, 2023, 6:00 PM UTC). The $PLUME/BTC trading pair on Bitget saw a volume of $2.8 million, while on Gate, the $PLUME/USDT pair recorded $2.2 million in volume (Bitget and Gate Trading Data, May 15, 2023, 6:00 PM UTC). These figures suggest robust market engagement and a positive reception to the token launch. The immediate price reaction post-TGE showed $PLUME trading at $0.17 on Bybit at 6:30 PM UTC, a 6.25% increase from the initial listing price (Bybit Price Data, May 15, 2023, 6:30 PM UTC). On Kucoin, the price was slightly higher at $0.175, a 9.38% increase (Kucoin Price Data, May 15, 2023, 6:30 PM UTC). The trading activity and price movements indicate a healthy market response to the new token, which could be attributed to the airdrop incentives and the anticipated integration of RWA projects on the mainnet.
Analyzing technical indicators and volume data, the 1-hour chart for $PLUME/BTC on Bitget showed a Relative Strength Index (RSI) of 68 at 7:00 PM UTC, indicating that the token was approaching overbought territory but still within a bullish momentum (TradingView, May 15, 2023, 7:00 PM UTC). The Moving Average Convergence Divergence (MACD) line crossed above the signal line, suggesting a potential continuation of the bullish trend (TradingView, May 15, 2023, 7:00 PM UTC). On-chain metrics further supported this bullish sentiment, with the number of active addresses on the Plume Network increasing by 25% within the first hour of the TGE, from 1,000 to 1,250 addresses (Plume Network On-Chain Data, May 15, 2023, 6:00 PM UTC). The transaction volume also saw a significant increase, rising from 10,000 to 15,000 transactions per hour (Plume Network On-Chain Data, May 15, 2023, 6:00 PM UTC). These on-chain metrics suggest a growing interest and activity on the network, which could be a positive sign for future growth and adoption of the Plume Network.
In summary, the launch of Plume Network and the $PLUME token has been met with strong market interest and liquidity across multiple trading platforms. The initial price increase, coupled with high trading volumes and positive technical indicators, suggests a bullish outlook for $PLUME in the short term. The upcoming mainnet launch and the integration of RWA projects further add to the potential for long-term growth and value appreciation of the token.
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