Plume Token Dips 10% After Sudden Death of Co-Founder Eugene Shen
PLUME falls 10% following the unexpected death of co-founder Eugene Shen, raising concerns over project continuity and market sentiment.
The Plume token (PLUME) plunged over 10% on May 29 following the unexpected death of its co-founder and Chief Technology Officer, Eugene Shen. The announcement, made via the network’s official X (formerly Twitter) account, described Shen’s passing as sudden, although no cause of death was disclosed.
“Eugene was brilliant, deeply curious, and brought so much talent and heart to everything he did,” wrote the Plume Network team. “Our thoughts are with his family and loved ones.”
Shen’s death sent shockwaves through the crypto community and immediately impacted market sentiment. Within 80 minutes of the announcement, PLUME's price dropped from $0.157 to $0.143, before slightly rebounding to $0.147. The token remains 41% below its March 19 all-time high, though still 72% above its January 2025 low.
A respected engineer, Shen previously held positions at Robinhood and dYdX, contributing to the development of trading and blockchain scalability solutions. His leadership was pivotal to Plume Network’s progress — from securing $30 million in funding to onboarding over 180 projects and gaining backing from Binance’s YZi Labs and Apollo Global.
Plume Network is known for its focus on real-world asset (RWA) tokenization, including initiatives in tokenized real estate and infrastructure layers for asset scalability. Shen’s technical guidance was instrumental in these advancements.
Market reactions were swift and sharp. Trading volume surged by 46% in the past 24 hours, reaching nearly $35.5 million, as some investors dumped tokens out of concern for the platform's future. While some users on social media expressed condolences, others voiced outrage over the sell-off, calling out what they viewed as callous investor behavior.
“So basically people are dumping $PLUME because of Eugene’s death. You investors are a f*cking scambag,” one user posted on X. Another added, “Sad news for the family. A heavy blow for a small investor like me!!!”
Plume Network has not yet shared plans for how Shen’s absence will be managed. His co-founder, Teddy Pornprinya, recently spoke of the network’s goal to make tokenized real estate more scalable, a vision now shadowed by uncertainty.
While the market adjusts to the news, the incident highlights the fragility of confidence in crypto ecosystems where leadership figures often serve as both symbolic and operational anchors. Shen’s legacy in blockchain engineering and decentralized finance leaves a lasting impact — one that the Plume community must now navigate without him.
