Table of Contents
Key Takeaways
- XPL trades near $0.45 in pre-listing markets, valuing it at $4.5B.
- Public sale raised $373M at a $0.05 price, a 10x lower valuation.
- Binance and Hyperliquid drive speculative trading ahead of launch.
Pre-market trading leads Plasma XPL token to an astonishing $4.5B valuation
Plasma’s XPL token that has not yet been launched is creating a lot of noise in the market as it is trading at a fully diluted valuation of more than $4.5 billion in pre-market sessions. The token is currently available on Binance’s pre-market venue and Hyperliquid, where leveraged contracts allow traders to speculate on XPL before its official spot listing.
In July 2025, the public sale of Plasma went $373 million over the roof, with 10% of the 1 billion token supply being sold at roughly $0.05 per XPL. That round valued the project at $500 million fully diluted. Since XPL is currently trading around $0.45, its value has climbed almost 10 times in less than two months.
Speculative frenzy fueled by Binance and Hyperliquid
Just like in traditional futures, there are now pre-launch futures for XPL announced by Hyperliquid. In particular, Hyperliquid has designed a so-called “XPL-USD hyperps” contract that enables traders to open up to 3x leveraged long or short positions. From the point of view of these contracts, the moving average that they use for their own mark price is their only source; hence there are no external oracles as a point of reference. This, according to Hyperliquid, is the reason for a significant reduction in the risks of manipulation. The first day of operation was very successful with a trading volume of $49 million and the open interest of $33 million reached shortly after the start of trading.
Binance has done a great job in attracting investors with its offers that are always tied to Plasma. The “Plasma USDT Locked6 Product” of Binance, which provides daily dividends and future XPL incentives, had its first 250 million USDT quota immediately taken up. Binance reacted to the high demand and subsequently increased the limit to 1 billion USDT, with more tranches being filled within minutes.
Summary
Plasma’s XPL token has rapidly become one of the hottest pre-market trades in crypto, soaring from a $500 million sale valuation to $4.5 billion before launch. With Binance and Hyperliquid driving early speculation and demand, the project is positioning itself as a high-profile entry in the Layer 1 ecosystem ahead of its official debut.
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