Merchants have began dumping the Plume token, bringing the worth down greater than 10% following the demise of the community’s co-founder and CTO, Eugene Shen on Might 29.
On Might 29, the community’s official X account introduced that its co-founder and Chief Know-how Officer, Eugene Shen, has handed away earlier this week. Though the reason for demise was not talked about, the put up appeared to suggest that Shen’s demise got here abruptly.
“We’re in shock. Eugene was brilliant, deeply curious, and brought so much talent and heart to everything he did. Our thoughts are with his family and loved ones,” wrote the protocol.
Shen performed a pivotal function in shaping the Plume Community, a blockchain platform centered on real-world asset tokenization. Beforehand, he additionally held senior engineering positions at main corporations like Robinhood and dYdX, contributing to the event of buying and selling infrastructure and blockchain scalability options.
Below his technical management, Plume Community achieved vital milestones, together with elevating $30 million in funding and onboarding over 180 tasks to its ecosystem. It has additionally gained assist from main corporations like Binance’s YZi Labs and Apollo International.
An hour after the community introduced that Shen had handed away, the token plummeted as little as 10.2%. The token took a pointy dive from $0.157 to $0.143 within the span of an hour and 20 minutes. At press time, the token is presently buying and selling arms at $0.147. The token nonetheless sits 41% under its earlier all-time excessive, which occurred on March 19. Nonetheless, it nonetheless stands 72% above its lowest degree from January 2025.
Customers on X started to note that different merchants have began to dump their Plume tokens following Shen’s demise. Prior to now 24 hours, the token’s each day buying and selling quantity has gone up by 46%, amounting to almost $35.5 million.
“So basically people are dumping $PLUME because of Eugene’s death. You investors are a f*cking scambag,” wrote one person on X.
“Just saw that $PLUME co-founder Eugene has passed away. Sad news for the family. A heavy blow for a small investor like me!!!” wrote one other person.
Earlier this month, Plume Community co-founder Teddy Pornprinya instructed crypto.information how the challenge has been engaged on an infrastructure layer that will assist make tokenized actual property, and different real-world property extra scalable and accessible.
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