The Plume Network is facing a wave of grief and market turbulence following the sudden death of its co-founder and Chief Technology Officer, Eugene Shen. The protocol’s official X account confirmed his passing on May 29, triggering a sharp reaction from the crypto market, with the Plume (PLUME) token dropping over 10% within hours of the announcement.
Market Reacts Swiftly to Tragic News
Shortly after the announcement, the PLUME token plunged from $0.157 to $0.143 in just over an hour a 10.2% decline. The token has since slightly recovered and is trading at $0.147 at press time, but remains significantly lower amid elevated volatility and emotional reactions from investors.
According to CoinGecko, daily trading volume for PLUME surged by 46% to nearly $35.5 million, indicating that many traders are offloading their positions in response to the unexpected news.
While some in the community expressed sympathy and shock, others criticized the market’s reaction. “So basically people are dumping $PLUME because of Eugene’s death. You investors are a f*cking scambag,” wrote one user on X. Another commented, “Sad news for the family. A heavy blow for a small investor like me!!!”
Remembering Eugene Shen
Eugene Shen played a critical role in building the Plume Network into a rising name in blockchain infrastructure. Known for his deep technical expertise, Shen previously held senior engineering roles at Robinhood and dYdX, where he worked on trading systems and blockchain scalability solutions.
Under his leadership, Plume Network secured $30 million in funding, onboarded over 180 projects, and attracted backing from firms like Binance’s YZi Labs and Apollo Global. The network’s focus on real-world asset tokenization positioned it as a promising player in the expanding RWA sector.
The project’s other co-founder, Teddy Pornprinya, recently spoke about Plume’s vision of scaling tokenized real estate and other tangible assets, with a goal to unlock $4 trillion in real-world value by 2035.
A Difficult Moment for the Project and Community
While the cause of Eugene Shen’s death was not disclosed, the official statement suggested it was sudden. “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 Plume team wrote on X.
Shen’s passing is not only a personal loss to his colleagues and the crypto development community but also raises questions about the immediate future of the Plume protocol.
Despite the setback, the token remains 72% above its January lows, although it now sits 41% below its all-time high, recorded on March 19.
What Comes Next for Plume?
As of now, Plume’s roadmap and leadership transition plan have not been publicly updated. However, the team has been actively developing infrastructure designed to support tokenized real estate and RWAs, signaling a strong long-term vision. Whether the project can maintain its momentum amid this emotional and organizational shock remains to be seen.
The coming days will be pivotal as the Plume Network navigates this unexpected chapter. Community support, transparent communication, and continued development will be key in determining whether Plume can weather the storm and uphold Shen’s legacy.
