RWA Token PLUME Drops 8% Following Co-Founder Eugene Shen’s Death

Plume Network, a blockchain platform focused on tokenizing real-world assets, saw its native token, PLUME, drop over 8%. The decline followed the death of its co-founder, Eugene Shen.

On May 29, the official X account of the platform shared the news that Shen, who also served as the chief technology officer (CTO), passed away earlier this week. The cause of his death was not disclosed, but the announcement suggested it was unexpected.

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…

— Plume – RWAfi Chain (@plumenetwork) May 29, 2025

Shen’s Role in Plume’s Success

Eugene Shen played a crucial role in building the Plume Network. Before joining Plume, he held senior engineering roles at Robinhood and dYdX, where he specialized in trading infrastructure and blockchain scalability.

Under his technical leadership, Plume Network achieved notable milestones, including raising $30 million in funding and attracting over 180 projects to its ecosystem. The platform also gained support from prominent backers such as Binance’s YZi Labs and Apollo Global.

Following his passing, the Plume Network team expressed shock and sorrow. Their statement highlighted Eugene’s brilliance, deep curiosity, and the talent and dedication he brought to his work, while extending heartfelt condolences to his family and loved ones.

Furthermore, the team noted that the company will continue Shen’s vision. They stated,

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

Market Impact and Community Reactions

Following the death announcement, PLUME’s price dropped sharply, falling by over 8%. At the time of reporting, the token trades around $0.148. 

The news also triggered increased selling activity among users on X, pushing the token’s daily trading volume up by 46% to nearly $35.5 million in the past day. The surge in volume reflects heightened market reactions to the unexpected event.

In response, reactions on X varied. One user criticized sellers dumping PLUME due to Shen’s demise, calling such behavior dishonest. Another expressed sympathy, calling the news a sad loss for Eugene’s family and a significant setback for PLUME holders.

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