Perpetual Protocol Foundation Deposits 903,000 PERPs To Binance As Token Surges
- The Perpetual Protocol Foundation deposited 903,000 PERPs (worth approximately $691,000) into Binance shortly after a notable surge in the PERP token’s price.
- This deposit follows a pattern of consistent monthly deposits by the foundation, totaling 7 million PERP tokens (about $4.62 million) into Binance, underscoring strategic token management amid the cryptocurrency’s price fluctuations.
This deposit occurred just three hours after the Perpetual Protocol’s token – PERP experienced a notable surge in price.
In a significant move that caught the attention of the crypto community, the Perpetual Protocol Foundation recently deposited 903,000 PERPs (approximately $691,000) into Binance.
Monitoring by Lookonchain revealed this deposit, adding to a pattern of consistent deposits by the Perpetual Protocol Foundation into Binance.
From March to August, the foundation’s wallet address made monthly deposits of PERP tokens into the exchange. So far, a total of 7 million PERP tokens, equivalent to approximately $4.62 million, have been deposited into Binance by the foundation.
The timing of this deposit aligns with a surge in the value of the PERP token. According to Coingecko data, the PERP token is currently trading at $0.7964, reflecting a remarkable 24-hour increase of 62.8%. The token even reached a peak of $0.8394 earlier on the same day.
The Perpetual Protocol Foundation’s consistent engagement with Binance suggests a strategic approach to token management and liquidity. Such deposits can influence the trading dynamics and liquidity of the PERP token on the exchange.
As the crypto market continues to exhibit volatility and rapid price movements, the actions of influential entities like the Perpetual Protocol Foundation play a crucial role in shaping token prices and market sentiment. This deposit highlights the foundation’s proactive involvement in maintaining a vibrant and dynamic ecosystem around the PERP token.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.