Plasma is a new cryptocurrency project that has caught the eye of investors, with its price going up by more than 42% in the last 24 hours. Since this surge has come at a time when the market is struggling, people have started to wonder whether the Plasma price indicates the arrival of a new emerging crypto.
Plasma Price Action
At the time of writing, the Plasma price is above $1.18. Its market capitalization is $2.11 billion. Having just launched on Binance, the project is likely going through the surge because of the listing pump.
Hourly charts show that Plasma (XPL) has entered the consolidation phase. Given that it is a utility crypto and has been listed on the world’s leading exchange, it is unlikely that its price will bottom anytime soon.
What is Plasma?
Plasma has been described by the official website as the world’s largest lending protocol. The heading on X states that it is the new stablecoin ecosystem on the market.
Reportedly a high-performance layer 1 b
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