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The entities behind Plasma’s XPL decline appear to be the same ones involved in past moves in FARTCOIN, according to a BlockBeats analysis. XPL rose above about $0.12 in late September, but fell below $0.07 as November began. The token also dropped 12% on Nov. 1.
BlockBeats said the entities that sold heavily on Nov. 1 appear to be the same ones that led declines in XPL and FARTCOIN in April. According to the analysis, they built long positions in advance and then profited by triggering long liquidations. XPL surged 42% in April before plunging more than 40%, while FARTCOIN showed a similar pattern. That led to forced liquidations worth tens of millions of dollars across exchanges at the time, BlockBeats said.