29.05.2025 14:51

Following the unexpected death of its co-founder and CTO, Eugene Shen, on May 29th, the Plume token experienced a significant price drop exceeding 10%. The news, shared via the network's official X account, announced Shen's passing without disclosing the cause, leaving the community reeling from the sudden loss. The statement expressed profound shock and sorrow, highlighting Shen's exceptional talent and contributions to the Plume Network.


Shen's extensive experience in the tech industry, including leadership roles at prominent companies like Robinhood and dYdX, had been instrumental in Plume's development. His technical expertise was crucial in building the blockchain platform specializing in real-world asset tokenization. Under his guidance, Plume reached notable achievements, including securing $30 million in funding and attracting over 180 projects to its ecosystem, with support from major players such as Binance’s YZi Labs and Apollo Global.


Within an hour of the announcement, the PLUME token plunged to a low of $0.143, a significant decrease from its price of $0.157. This dramatic fall, observed over approximately 80 minutes, represented a more than 10% decline. While slightly recovering at the time of writing to $0.147, the token remains substantially below its all-time high reached on March 19th, though considerably higher than its January 2025 low.


The market reacted swiftly to the news of Shen’s death. X users noted a surge in sell-offs, as traders responded to the uncertainty surrounding the network's future leadership in the wake of such a significant loss. This event underscores the impact of leadership changes and unexpected circumstances on the volatile cryptocurrency market, highlighting the interconnectedness between technological innovation, market sentiment, and the human element within the blockchain space.