PLUME price falls 12% as community mourns co-founder Eugene Shen

The altcoin space remained relatively muted on Thursday as Bitcoin continued to drift away from $110,000, hovering above $108,450 at press time.

However, the situation was different within the Plume community, with the altcoin exhibiting significant bearishness following the news of co-founder Eugene Shen’s demise.

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It is with heavy hearts that we share the news of a tragic loss within our company. Earlier this week, we lost our cofounder and dear friend, Eugene. We’re in shock. Eugene was brilliant, deeply curious, and brought so much talent and heart to everything he did. Our thoughts are

10:19 AM · May 29, 2025

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The company announced that Eugene passed on early this week, describing him as a brilliant mind behind the project’s success, a visionary, and a dear friend.

While the announcement indicates it’s not time to watch price charts, crypto enthusiasts will likely explore PLUME performance.

The alt dipped following the news, plunging from $0.1633 to $0.1433 – a more than 12% dip.

Plume community in shock after sudden loss

The Plume community faced a devastating blow as the project lost its co-founder, Eugene, early this week.

The firm confirmed the shocking news and will take the next few days to grieve.

The announcement stated:

The Plume team is grieving and supporting one another right now. We are focused on taking care of ourselves and each other over the next few days.

Meanwhile, the market response seemed more emotional and not about fundamentals. Most individuals sent their condolences to Eugene’s family and friends.

Various traders and startups expressed sympathy while promising emotional support during the grieving.

Eugene’s legacy lives on

Despite the tragic loss, the team has confirmed it will continue Eugene’s legacy.

The firm emphasized its dedication to prioritizing what it started with Eugene, focusing on enabling life on-chain and innovation.

We will deeply miss him and remain committed to ensuring the Plume technology he helped build continues to spur innovation and facilitate life on-chain.

Meanwhile, Eugene’s LinkedIn shows Eugene joined the Plume project in January last year.

Eugene previously worked with major firms like Robinhood and dYdX.

Under his leadership, Plume had raised $30 million in funding and onboarded over 180 projects to its ecosystem.

Plume is a cryptocurrency company specializing in real-world asset (RWA) tokenization.

Its native token PLUME, soared to all-time highs in mid-March, driven by adoption and demand within the RWA sector.

PLUME’s current price action

The native token trades at $0.1490, down nearly 9% from yesterday’s price.

Plume’s 24-hour trading volume has increased by over 100%, signaling speculative activities.

While drastic price fluctuations are usual in the cryptocurrency market, PLUME’s decline reflects the psychological and emotional impact a leadership shakeup can have.

Trading enthusiasts will watch PLUME’s upcoming price movements as the community grieves Eugene’s loss.

However, the team’s announcement declares this time crucial for reflection, showcasing the crypto’s human side – a tight-knit industry driven by people with purpose and passion, not by capital and codes.

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