Plasma's token could follow Pump's path, where a heavily shorted unlock became a clearing event that forced shorts to buy back. Both launched on hype, sold off at once and became hated, with the unlock dump priced in for months. About 1.67B team and investor XPL tokens unlock at the September one-year cliff, and the selling may already be front-run. Unlike Pump, which used half its revenue to buy its token, XPL lacks a revenue engine buying underneath, so it has only the setup. x.com 

Worldcoin's token unlocks, worth around $100 million a month, need that much exit liquidity every month, and the buyers to absorb them have been drained. x.com 

Plasma's pumps are likely to be smothered for a while because a lot of float and supply remains in holders' hands. Many accounts promoting the product release disclose they are investors, much of the timeline seems to have been in a seed or angel round, and after the drop there are enough marginal sellers at bands all the way up. The product is reportedly decent and tokenomics may be changing for the better, but holders look keen to cut underwater positions. x.com  x.com 

Pump.fun's PUMP token has likely bottomed, because its revenue and buybacks are out of line with a price near all-time lows. Pump.fun earns over $1 million a day in fees, has burned about $370 million of bought-back PUMP, roughly 36% of circulating supply, and says it will buy back and burn at 50% of revenue for a year. As with HYPE, the market is deciding revenue matters, and the team keeps shipping. The weakness may reflect VC unlocks or OTC selling; a coming unlock looks partly priced in. … Show more