Whale Alert: Top 100 Wallets Hoard 70% of $1B Plasma (XPL) Deposits—Is This the Ultimate Power Play?

When the big fish circle, the market takes notice. New data reveals a staggering concentration of wealth in the Plasma (XPL) sale, with just 100 wallets controlling the lion''s share of deposits.

Who''s buying—and why?

The numbers don''t lie: 70% of the $1 billion Plasma war chest sits in a handful of wallets. Is this institutional interest... or just crypto''s usual suspects playing monopoly with retail money? Either way, it''s a textbook case of ''whale math''—where 2% of participants control 98% of the narrative.

One thing''s certain: when the top 100 wallets move, the market trembles. Whether that''s bullish or just another case of ''rich-get-richer'' in DeFi''s casino economy? Well, that''s the billion-dollar question.

Why Plasma reopened deposits

The company opened its deposit program earlier this week to gauge market appetite for its platform. However, the first round filled quickly, leaving many investors shut out.

To address community frustration over bot-driven deposits in the first phase, Plasma reopened the process with little advance notice. The MOVE aimed to provide fairer access to legitimate participants, particularly those active in its online community.

It stated:

“We reopened the cap to give those users a better opportunity. The announcement was made on short notice to reduce bot setups and create more room for real participants, especially those active in our Discord and with notifications on.”

Plasma is a stablecoin-focused infrastructure platform that operates as a Bitcoin sidechain. The network is compatible with Ethereum Virtual Machine (EVM) and is designed to process fast and cost-efficient transactions.

XPL sales

Despite the overwhelming $1 billion deposits, only a small portion will translate into token purchases.

The company clarified that these deposits are not part of the token sale. Instead, investors are securing priority access to XPL tokens once the official sale begins. Final allocations will depend on individual contributions at the close of the deposit window.

Plasma plans to offer $50 million worth of XPL at a $500 million fully diluted valuation, representing roughly 5% of the current deposits.

According to Plasma:

“This is not a $1 billion raise. Deposits are not the sale itself, and the XPL public sale hasn’t started yet. All funds will be bridged to Plasma mainnet beta and remain fully owned by depositors. Depositors earn the right to participate in the sale based on their final units at the time of the lock-up.”