Traders have started dumping the Plume token, bringing the price down more than 10% following the death of the network’s co-founder and CTO, Eugene Shen on May 29.
On May 29, the network’s official X account announced that its co-founder and Chief Technology Officer, Eugene Shen, has passed away earlier this week. Although the cause of death was not mentioned, the post seemed to imply that Shen’s death came suddenly.
“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,” wrote the protocol.
Shen played a pivotal role in shaping the Plume Network, a blockchain platform focused on real-world asset tokenization. Previously, he also held senior engineering positions at major firms like Robinhood and dYdX, contributing to the development of trading infrastructure and blockchain scalability solutions.
Under his technical leadership, Plume Network achieved significant milestones, including raising $30 million in funding and onboarding over 180 projects to its ecosystem. It has also gained support from major firms like Binance’s YZi Labs and Apollo Global.
An hour after the network announced that Shen had passed away, the token plummeted as low as 10.2%. The token took a sharp dive from $0.157 to $0.143 in the span of an hour and 20 minutes. At press time, the token is currently trading hands at $0.147. The token still sits 41% below its previous all-time high, which occurred on March 19. However, it still stands 72% above its lowest level from January 2025.
Users on X began to notice that other traders have started to dump their Plume tokens following Shen’s death. In the past 24 hours, the token’s daily trading volume has gone up by 46%, amounting to nearly $35.5 million.
“So basically people are dumping $PLUME because of Eugene’s death. You investors are a f*cking scambag,” wrote one user 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!!!” wrote another user.
Earlier this month, Plume Network co-founder Teddy Pornprinya told crypto.news how the project has been working on an infrastructure layer that would help make tokenized real estate, and other real-world assets more scalable and accessible.
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