Plume Token Plummets Over 10% After Sudden Death of Co-Founder Eugene Shen

Traders Dump $PLUME Following Shocking News

The crypto world was rocked when traders started dumping the Plume token, crashing its price over 10% after the sudden death of the network's co-founder and CTO, Eugene Shen, on May 29. The shockwaves hit hard and fast, sending ripples through the market.

The news broke when the network's official X account dropped the bombshell: Eugene Shen, their co-founder and Chief Technology Officer, had passed away earlier in the week. No details on the cause of death were given, but the post hinted at the suddenness of Shen's passing.

"We’re in shock. Eugene was brilliant, deeply curious, and brought so much talent and heart to everything he did. Our thoughts are with his family and loved ones," the protocol mourned in a heartfelt message.

Shen wasn't just any co-founder; he was the driving force behind the Plume Network, a blockchain platform that's all about tokenizing real-world assets. Before Plume, he was a big shot, holding senior engineering gigs at heavyweights like Robinhood and dYdX, where he helped build trading infrastructure and tackle blockchain scalability like a boss.

Thanks to Shen's tech wizardry, Plume Network hit some serious milestones, like raking in $30 million in funding and welcoming over 180 projects into its ecosystem. They even got backing from big names like Binance's YZi Labs and Apollo Global.

The market felt the impact of Shen's loss immediately. Just an hour after the announcement, the token nosedived as much as 10.2%, plummeting from $0.157 to $0.143 in a mere hour and 20 minutes. At the time of this report, the token was trading at $0.147. It's still down 41% from its all-time high on March 19, but hey, it's 72% above its January 2025 low.

On X, users were quick to notice that traders were bailing on their Plume tokens in the wake of Shen's death. In the last 24 hours, the token's daily trading volume shot up by 46%, hitting nearly $35.5 million.

"So basically people are dumping $PLUME because of Eugene's death. You investors are a f*cking scumbag," one user blasted on X.

"Just saw that $PLUME co-founder Eugene has passed away. Sad news for the family. A heavy blow for a small investor like me!!!" another user lamented.

Just this month, Plume Network co-founder Teddy Pornprinya spilled the beans to us about how they're working on an infrastructure layer to make tokenized real estate and other real-world assets more scalable and accessible. It's clear they were on the verge of something big.

Disclaimer: This isn't your financial advisor talking. The info here is for educational kicks only.