The total supply of PLUME is 10 billion tokens, which is not a small number. Many people panic when they see such a large supply, thinking there will definitely be severe inflation. But in fact, the key is not the total amount, but the release rhythm and usage.
First, let's talk about the release rhythm. The unlocking of early investors has been postponed to January 2026, which at least indicates there won't be significant selling pressure in the short term. I've seen this approach quite a few times; some genuinely have confidence in the project, while others are purely aiming to stabilize the coin price. Which category does Plume belong to? From their recent actions, it seems more like the former.
The positioning of the token is to make the real world as easy to use as crypto native assets, aiming to bring trillion-level RWA on-chain. This vision is grand, but what role does the token play in it? Is it governance? Is it transaction fees? Or value capture? The white paper does not clarify this enough.
From the perspective of use cases, PLUME should mainly be used as the native token of the network, to pay gas fees, participate in validation nodes, and possibly have some governance functions. It follows the standard L1 token model, with nothing particularly innovative. The question is, if it’s only these functions, what supports a high valuation?
The current market value is 288 million USD, with a daily trading volume of 50 million. Compared to other L1 projects, this valuation is not considered high. However, it should be noted that Plume is a chain in a vertical field and cannot simply be compared to general chains. If the RWA track really explodes, this valuation may have significant room for growth. But if RWA is just a flash in the pan, then that's another story.
Their tokenomics design is said to be 'characteristic', looking at on-chain metrics, project performance, financial indicators, and considering factors like supply and demand, use cases, roadmaps, and regulation. In short, it’s very complex, with no simple valuation model. This presents both opportunities and risks for investors.
I personally think the value of PLUME mainly depends on three factors:
First, the overall development of the RWA track. If this track can really grow from the current level of hundreds of billions to trillions, as a chain specifically for RWA, Plume will certainly get a share.
Second, the real activity level of the ecosystem. Over 200 projects sounds like a lot, but how many are truly creating value? How many are just taking up space? This needs time to verify.
Third, the degree of integration with traditional finance. If Plume can really become the preferred channel for traditional assets on-chain, then the value of the token will have solid support. But if it’s just self-indulgence within the crypto circle, that’s another matter.
Another risk point to note is that articles are already discussing whether 'the unlocking tide can reverse market pessimism' when it arrives. This indicates that the market still has concerns about future unlocks. Although it has been postponed to 2026, if the project's development is not as expected by then, the selling pressure will still be significant.
From a technical analysis perspective, some use indicators like MACD, RSI, and Bollinger Bands to predict the price of PLUME. To be honest, for such early-stage projects, the reference value of technical analysis is limited. More attention should be paid to fundamentals and the broader environment.
In general, PLUME has certain potential as an investment target, but the risks are also considerable. It is suitable for investors with a higher risk appetite who are optimistic about the long-term development of RWA. If you just want to make quick money, this may not be suitable. This project needs time to prove itself, and short-term volatility will be significant.
My suggestion is that if you want to buy, be prepared to hold long-term. Don’t expect to get rich overnight, but grow alongside the project. Of course, set a stop-loss in case the RWA story can’t continue, so you can exit in time.
