Analysis of PLUME and JUPITER's Spot Liquidity on Coinbase
TL;DR
As of December 8, 2025, PLUME has received Coinbase's listing approval (expected activation on December 9), while JUP is only in the roadmap evaluation phase. Technically, both are experiencing distribution pressure (PLUME CMF -0.486, JUP CMF -0.128), limiting short-term liquidity improvement. PLUME's high concentration of holdings (50% held by the top address) poses a liquidity risk, while JUP is more stable due to its higher TVL ($2.79B) and more diversified holdings. A phased improvement in liquidity depends on the official listing execution and a shift in technical indicators.
Analysis of the current status of listing
Coinbase IPO progress
| Tokens | Current status | Key Time Nodes | Trading Pair |
|---|---|---|---|
| PLUME | Planned Listing | Roadmap added: 2025-12-03 Scheduled time: 2025-12-08 18:00 UTC Expected activation: 2025-12-09 | PLUME/USD |
| JUP | Roadmap under evaluation | Roadmap added: 2025-12-03 History: Listed on April 21, 2023 Removed from shelves on 2023-09-06 | JUP/USD (historical) |
PLUME is currently in the final countdown to its IPO, while JUP has only been re-evaluated and has no clear IPO timetable yet. (coindesk)
Existing trading venues cover
PLUME Liquidity Distribution :
- CEXs : Binance (USDT spot/contract), Bybit, OKX, Bitget, Bithumb, Upbit (KRW, launching on November 26th)
- DEX : Uniswap (based on Ethereum)
- 24-hour total trading volume : $20,708,277
JUP liquidity distribution :
- CEXs : Binance (USDT spot/contract), Bybit, OKX, Upbit (KRW), Bitget, Bithumb
- DEX : Jupiter aggregator ($206,742, representing 0.97% of the total)
- 24-hour total trading volume : $21,284,367
Comparison of liquidity indicators
| index | PLUME | JUP | Liquidity advantage |
|---|---|---|---|
| Market capitalization | $64.7M | $718.7M | JUP (11x) |
| 24-hour trading volume | $20.7M | $21.3M | quite |
| TVL | $600M+ (Total Ecosystem) | $2.79B (Agreement) | JUP (4.7x) |
| Circulation ratio | 32.94% | 44.81% | JUP |
| Concentration of holdings | Top 1 address: 50%; Top 10 addresses: 88% | Community airdrops accounted for 44.29%, with diversified holdings. | JUP |
| CEX Coverage | 6 major exchanges | 6 major exchanges | quite |
JUP is significantly better than PLUME in terms of market capitalization, TVL, and portfolio diversification, but their current trading volumes are comparable, indicating that PLUME is relatively more active.
Technical and capital flow analysis
PLUME Technical Specifications (2025-12-08)
| index | numerical values | Signal Interpretation |
|---|---|---|
| price | $0.02127 | Below VWAP $0.0719 (-70.4%) |
| RSI(14) | 30.01 | Oversold zone, selling pressure may have run out. |
| CMF(20) | -0.486 | Strong distribution pressure, net selling |
| OBV | 1,107,729,946 | Accumulated buying volume, but price divergence. |
| Binance daily trading volume | 101.9M PLUME | Active trading participation |
Fund flow characteristics : The negative CMF indicates a distribution pattern after the roadmap announcement, not an accumulation signal. Price depth is below VWAP, combined with oversold RSI, suggesting potential for a short-term rebound, but requiring buying support.
JUP Technical Indicators (2025-12-08)
| index | numerical values | Signal Interpretation |
|---|---|---|
| price | $0.2294 | Below VWAP $0.5221 (-56.1%) |
| RSI(14) | 36.21 | Neutral to slightly oversold, momentum awaits turnaround |
| CMF(20) | -0.128 | Light distribution, balanced but slightly negative cash flow |
| OBV | -349,454,711 | Long-term net selling accumulation |
| Binance daily trading volume | 6.36M JUP | Moderate liquidity |
Fund flow characteristics : Negative OBV and slightly negative CMF indicate that the roadmap addition did not trigger accumulation behavior. The price discount relative to VWAP is smaller than that of PLUME, but downward pressure still exists.
Assessment of Phased Liquidity Improvement
Short-term outlook (1-7 days)
PLUME :
- Limited improvement in liquidity : Although the official listing date is approaching (December 9th), current distribution pressure (CMF -0.486) is suppressing buying.
- Risk factors : There is a risk of concentrated selling if the first address holds 50% of the positions.
- Potential trigger : Coinbase's official launch may attract new retail/institutional traffic, but initial trading volume needs to be observed.
JUP :
- Liquidity stability is the primary concern : This is only a roadmap phase, and there is no new platform liquidity expected in the short term.
- Technically neutral : RSI 36.21 and CMF -0.128 indicate a balanced but slightly weak trend, lacking catalysts.
- Structural advantages : $2.79B TVL and diversified positions provide bottom support.
Mid-term outlook (1-4 weeks)
PLUME :
- Conditional Improvement : If the Coinbase IPO proceeds smoothly, the "Coinbase effect" (historically averaging a 91% increase) could lead to a surge in trading volume.
- Multi-chain expansion benefits : On December 5th, Solana RWA Nest Vault was launched, increasing the ecosystem's TVL ($600M+) and enhancing cross-chain liquidity.
- Unlocking pressure from holdings : The partial unlocking of 39% (3.9 billion tokens) allocated through the ecosystem may increase supply.
JUP :
- Listing Uncertainty : Roadmap evaluation period undetermined, timeline for liquidity improvement unclear
- Unlocking Event : Jupuary will release 700 million JUP on December 28th. Historical data shows low volatility, but the 17.8% increase in supply warrants attention.
- Platform Activity : The resumption of the HumidiFi ($WET) token sale on December 8th boosted Jupiter DTF platform usage.
in conclusion
PLUME has a clearer path to improved liquidity due to its approaching official listing, but it is constrained in the short term by distribution pressure and high concentration of holdings. JUP, although facing high uncertainty in its roadmap phase, has stronger fundamentals (TVL, market capitalization, and diversified holdings) that provide a stable liquidity foundation. The phased liquidity improvement of both is highly dependent on: (1) the official listing of Coinbase; (2) the accumulation of funds from the technical side; and (3) the deep cooperation of market makers. Current data shows that distribution pressure is dominant, and investors should pay attention to the positive signals of CMF and OBV and the trading performance in the first week after listing.