Plasma's XPL token has made a notable debut in pre-market trading on the Hyperliquid exchange, opening at approximately $0.45 per token. This price represents a ninefold increase from its initial public sale price of $0.05, resulting in a fully diluted valuation (FDV) of around $4.5 billion to $5.1 billion. Trading volume reached about $60 million within a few hours of launch. Traders are currently paying an annual percentage yield (APY) of 1,200% to hold long positions on XPL at this valuation. The token's strong performance has generated returns exceeding 800% for initial coin offering (ICO) buyers. This surge comes amid a broader cryptocurrency market environment that is mostly negative, with Bitcoin down 1% to $112,300 ahead of the Jackson Hole economic symposium. Additionally, MetaMask announced the introduction of a new stablecoin, mUSD, set to launch on Ethereum and Linea networks.