#plasma $XPL
Plasma is one of those networks you understand only after watching it trade for a while. I’ve followed its price through quiet sessions where nothing sticks and through brief moments when liquidity appears, then vanishes. That behavior mirrors its design. Stablecoins sit at the center, so activity doesn’t automatically pull demand toward the token.
You can sense usage increasing without the usual reflex bid following it. Fast finality tightens exits, so speculative capital doesn’t linger. When attention fades, volume doesn’t decay slowly, it drops cleanly. That confuses traders expecting standard Layer 1 feedback loops. Incentives flow toward settlement reliability rather than token velocity, and that shows up as uneven participation. Some days the market feels asleep.
The mispricing forms because people read Plasma through narratives instead of structure. If you watch how it behaves when nothing exciting is happening, you start to see it less as infrastructure being priced reluctantly, one quiet session at a time by cautious capital flows.
