Merchants have began dumping the Plume token, bringing the value down more than 10% following the death of the community’s co-founder and CTO, Eugene Shen on Could 29.
On Could 29, the community’s official X account announced that its co-founder and Chief Expertise Officer, Eugene Shen, has handed away earlier this week. Though the reason for death was not talked about, the put up appeared to indicate that Shen’s death got here immediately.
“We’re in shock. Eugene was good, deeply curious, and introduced a lot expertise and coronary heart to all the pieces he did. Our ideas are along with his household and family members,” wrote the protocol.
Shen performed a pivotal position in shaping the Plume Community, a blockchain platform centered on real-world asset tokenization. Beforehand, he additionally held senior engineering positions at main companies like Robinhood and dYdX, contributing to the event of buying and selling infrastructure and blockchain scalability options.
Beneath his technical management, Plume Community achieved vital milestones, together with elevating $30 million in funding and onboarding over 180 initiatives to its ecosystem. It has additionally gained help from main companies like Binance’s YZi Labs and Apollo World.
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 at the moment buying and selling arms at $0.147. The token nonetheless sits 41% beneath its earlier all-time excessive, which occurred on March 19. Nevertheless, 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 death. Previously 24 hours, the token’s every day buying and selling quantity has gone up by 46%, amounting to just about $35.5 million.
“So principally individuals are dumping $PLUME due to Eugene’s death. You buyers are a f*cking scambag,” wrote one consumer on X.
“Simply noticed that $PLUME co-founder Eugene has handed away. Unhappy information for the household. A heavy blow for a small investor like me!!!” wrote one other consumer.
Earlier this month, Plume Community co-founder Teddy Pornprinya told crypto.information how the venture has been engaged on an infrastructure layer that will assist make tokenized actual property, and different real-world property more scalable and accessible.
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