Binance has listed Plume Network’s PLUME token after distributing 150 million tokens to BNB holders via a retroactive airdrop.
By Vini Barbosa
Editor Marco T. Lanz
Updated
2 mins read
Binance has added PLUME, the token from Plume Network, to its spot trading platform. The exchange kicked off trading on August 18, with pairs including USDT, USDC, FDUSD, TRY, and Binance’s BNB.
According to the official announcement from Binance, the listing follows a HODLer Airdrop where 150 million PLUME tokens went to eligible BNB holders. Snapshots for the airdrop covered user balances from July 24 to July 27, 2024. The exchange plans to release a research report on Plume within two days.
Plume Network describes itself as a blockchain tailored for real-world assets (RWA), enabling tokenization and DeFi integration. It supports assets like private credit and commodities, with a pipeline of $5 billion in assets and partnerships with firms such as BlackRock and Apollo.
Currently, Plume self-reports $366 million in total value locked for DeFi. The network’s total token supply caps at 10 billion, with 2.65 billion circulating at launch.
Interestingly, the airdrop to Binance customers accounts for 5.66% of the initial circulating supply. Therefore, investors and traders should expect significant selling pressure in the first days of trading, as these and other airdrop beneficiaries could use the liquidity to realize some profits from the campaign.
As of this writing, PLUME trades at $0.093067, up nearly 36% intraday, according to Binance Markets’ index. The price chart on Binance, however, registers a 5% loss from the price it was trading 24 hours ago as of this writing.
Notably, PLUME peaked at $0.1065 on August 18, 4.5 hours before spot trading started at 15:00 UTC. On the chart, we can see the exact moment when PLUME trading was enabled, marked by the aggressive crash starting at the local top around $0.102. This price action suggests that a significant amount of the airdropped PLUME may have already been offloaded.
PLUME 1D price and intraday performance | Source: Binance Markets
Binance listings and token airdrops usually cause the effects we can observe on PLUME. First, an aggressive increase a few hours before the listing, followed by an aggressive drop if the token was airdropped as soon as trading starts.
The next few days will play an important role in PLUME’s price discovery, as supply and demand dynamics balance the bids and asks in different markets. Speculators should proceed with caution.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vini Barbosa has covered the crypto industry professionally since 2020, summing up to over 10,000 hours of research, writing, and editing related content for media outlets and key industry players. Vini is an active commentator and a heavy user of the technology, truly believing in its revolutionary potential. Topics of interest include blockchain, open-source software, decentralized finance, and real-world utility.
