As PERP Crypto Sees a 90% Rise, Many Theories Have been created about PERP Crypto Price Prediction

Crypto News – Based on price movement over the previous 48 hours, PERP, the native token of Perpetual Protocol, is among the best-performing assets. As of September 6, the token is trading at $1.10, up around 90% from its peak in August 2023.

As PERP Crypto Sees a 90% Rise, Many Theories Have been created about PERP Crypto Price Prediction

In the midst of this outstanding success, rumors indicate that the Perpetual Protocol Foundation has sent Binance, the world’s biggest cryptocurrency exchange by trading volumes and client count, 903,000 PERP, or about $691,000, in total.

A blockchain analytics firm, Lookonchain, claims that since March, the wallet connected to the foundation has been routinely shifting tokens to Binance. According to monitors like CoinMarketCap, PERP was trading at a somewhat higher price at the time, approximately $1. But ever since, the token has been trending downward.

To give an example, PERP crashed by over 65% to $0.38 in June after reaching a top of around $1.22 in early March. A slight gain from July before prices dropped to about $0.40 in August and recently reverted to spot rates.

Will PERP Crypto Continue to Stay on the Uptrend?

Since a definite double bottom was produced after advances in early September, buyers are in control of the PERP/USDT candlestick pattern on the daily chart. After a difficult few months, it remains to be seen if the rise will continue and PERP has truly bottomed. The fact that PERP is trading at levels from April 2023, recouping losses from the previous four months, indicates that buyers seem to be in charge.

TVL Value Drops to $12 Million

The exchange’s total value locked (TVL), which was $18 million in late July 2023, was down to a stable $12 million by September 6. It should be noted that, according to DefiLlama statistics, PERP is rising without a noticeably higher TVL.

A move from a non-custodial wallet to a centralized exchange is typically seen in the crypto community as bearish. The Perpetual Protocol Foundation currently owns 7 million PERP in Binance valued at about $4.62 million, according to trackers. Additionally, it’s unclear if they intend to sell.

Is Depositing PERP Token on Binance the Right Strategy?

It’s a notable move on the part of the Perpetual Protocol Foundation to deposit large sums of PERP tokens into Binance. It’s not a random act; rather, over the previous six months, a succession of deposits have been made with meticulous planning. This methodical strategy implies a conscious effort to take advantage of market circumstances in favor of the foundation and the PERP token.

A surprising part of this story is how consistent these deposits are. The foundation’s monthly payments to Binance have taken on a routine-like quality. A long-term dedication to a certain technique that has gained traction is indicated by this pattern.

Moreover, the Perpetual Protocol Foundation’s liquidity on Binance has increased dramatically as a result of the 7 million PERP tokens that are now there. The foundation may be in a better position to profit from numerous trading possibilities as a result of this decision, particularly during times of market peaks and volatility.

The perfectly timed nature of these deposits cannot be disregarded. The increase in the PERP token’s value is not a coincidence. It’s conceivable that the foundation carefully watched market developments and planned these deposits to maximize its gains during a bullish phase.

What is Perpetual Protocol?

With the use of the well-liked decentralized finance (DeFi) system known as the Perpetual Protocol, users can leverage, trustlessly trade crypto perpetual futures. Complex derivative products known as Perpetual have no end dates.