Crypto News – The Perpetual Protocol Foundation recently deposited 903,000 PERPs (about $691,000) into Binance in a noteworthy move that attracted the attention of the cryptocurrency world.
903.000 PERP Crypto Deposits on Binance, Turning Eyes to Perpetual Protocol
This deposit was discovered through Lookonchain’s monitoring, continuing the Perpetual Protocol Foundation‘s habit of regular deposits into Binance. Three hours prior to this deposit, the price of PERP saw a significant increase. The foundation deposited PERP tokens into the exchange on a monthly basis from March to August using its wallet address. The foundation has deposited a total of 7 million PERP tokens into Binance, which is equal to about $4.62 million.
Token Price Increased After Deposit Transaction
The PERP cryptocurrency is presently trading at $0.7302, marking an impressive 24-hour rise of 30.02%, according to CoinMarketCap data. On the same day, the token even achieved a high of $0.8427.
Consistent interaction between the Perpetual Protocol Foundation and Binance points to a deliberate strategy for token management and liquidity. Such deposits may have an impact on the PERP token’s liquidity and trading dynamics on the market.
Reason for PERP Token’s Rise
The token for Perpetual Protocol is rising, but no one is sure why. There are three primary explanations that can be the case. First, the surge is probably the result of the ecosystem’s rising total value locked (TVL).
Data indicates that over the past 24 hours, the amount locked on its platform increased by over 40% to over $35 million. In the last 30 days, it has increased by more than 20%. Another possibility is a random pump, which is common in the cryptocurrency market. CyberConnect, Flamingo, Enjin Coin, and Bluzelle are additional tokens that are pumping.
The last explanation is that investors are waiting for Perpetual Protocol to announce a significant news event. Prior to a significant event, cryptocurrencies frequently see a rally. Given that the creators of Perpetual Protocol haven’t released any announcements in a while, this is significant.
Will PERP Token Movements Affect the Market?
The acts of powerful organizations like the Perpetual Protocol Foundation play a vital role in influencing token pricing and market sentiment as the cryptocurrency market continues to display volatility and quick price changes. This contribution demonstrates the foundation’s proactive efforts to keep the PERP token ecosystem alive and thriving.
About Perpetual Protocol
A decentralized exchange (DEX) Perpetual Protocol offers futures on xDai and Ethereum. On an increasing variety of assets, including BTC, ETH, DOT, SNX, YFI, and others, traders can use up to 10X leverage to go long or short.
In order to provide on-chain liquidity with predictable pricing established by consistent product curves, Perpetual Protocol makes use of a virtually automated market maker (vAMM). It also made sure that its vAMMs were completely collateralized and market-neutral.
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