Plume (PLUME) Founder’s Death Triggers Token Sale Panic! What’s Really Happening?
Jakarta, Pintu News – The crypto world was once again shocked by the sad news of Plume co-founder Eugene Shen, which led to a massive sale of Plume tokens (PLUME). The incident sparked speculation and divisions within the community, with some accusing the incident of being a scam.
Market Reaction to Eugene Shen’s Death
This week, the blockchain community was shocked by the news of the passing of Eugene Shen, co-founder of Plume. This news immediately triggered a drastic sell-off of the PLUME token, causing an 18% price drop in a week. Plume, known as a company that facilitates the onboarding of real assets (RWAs) to the blockchain, has been gaining attention since it received investment from YZi Labs in March.
The day after the announcement of Shen’s death, there was an additional price drop of 7.4% and an increase in trading volume of 145%. Although Plume did not mention the exact date or cause of Shen’s death, many users attributed this price drop to the sad news.
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Speculation and Accusations in the Crypto Community
Shortly after the announcement of Shen’s death, an alternative narrative emerged alleging that Plume was a fraud and Shen’s death was a fabrication. Although these claims were not backed by concrete evidence, the allegations were enough to spark panic among token holders. This shows how quickly unverified information can affect crypto markets.
On the other hand, there are also those who defend Plume, pointing out the company’s solid track record and market presence. The large investors who have backed Plume are also a point of departure for some defenders to assert the legitimacy of the company. However, suspicions remain, especially since the crypto industry has been plagued by various fraudulent schemes in recent times.
Wider Impact on RWA Market
This incident may also reflect a broader breakdown in investor confidence in the RWA market, especially after the Mantra crash. This incident shows that investor confidence can be very fragile, and negative speculation alone is enough to trigger a large market reaction. This serves as an important lesson for market participants on the importance of transparency and communication in managing crypto projects.
It also highlights the darker side of the crypto community, where the speed at which information circulates is often not matched by verification and careful consideration. This raises the question of how communities and regulators can work together to create a more stable and safe environment for investors.
Conclusion
The death of Eugene Shen and the subsequent market reaction was a stark reminder of how volatile the young and growing crypto market can be. This incident not only highlights the volatility of the market, but also shows how important integrity and transparency are in running crypto projects. Hopefully, in the future, more lessons can be learned to prevent similar incidents.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- BeInCrypto. Plume Founder Death Token Dump Hoax. Accessed on May 30, 2025
- Featured Image: PANews
