XPL Token Surges Ahead of Plasma One Card Launch

XPL, the native token of the Plasma blockchain, has seen a significant surge in value ahead of its upcoming Plasma One card launch next week. The token jumped roughly 30% as traders front-ran the launch of tiered card memberships for the project's neobank app.

The new feature will reward users based on how much XPL they lock, effectively creating a staking-like incentive tied to a physical Visa card. This move is reminiscent of Crypto.com's strategy with CRO and its card tiers.

Plasma One operates in over 150 countries and works with millions of merchants globally, offering zero-fee USDT transfers and up to 4% cashback on purchases. The project claims to have attracted billions in total value locked since launch, but its market cap currently sits in the low hundreds of millions.

The circulating supply of XPL is approximately 1.8 to 2.5 billion tokens out of a total genesis supply of 10 billion, meaning somewhere between 75% and 82% of all XPL hasn't hit the market yet. This poses a challenge for any rally, as it faces the constant headwind of future token emissions.