PERP Token Frenzy: 6.8 Million Snatched by Single Multisig Address

Key Points:

• A crypto address buys 10% of PERP supply ($7.06M) using 4,509 WETH, making waves in the crypto world.
• The address withdrew $7.66M ETH from Bithumb, converted to WETH, and went on a PERP shopping spree at $1.08 each.

According to meticulous monitoring by online analyst Ember, this address initiated a series of transactions that resulted in the acquisition of a substantial amount of PERP tokens, amounting to a whopping 10% of the cryptocurrency’s circulating supply.

The intriguing sequence of events began with the withdrawal of 4,700 ETH, equivalent to approximately $7.66 million, from the Bithumb exchange over the past two days. However, the story doesn’t end there. The ETH was then promptly converted into Wrapped Ethereum (WETH) and transferred to a multi-signature address with a distinctive signature starting with ‘0x912’.

Multi-signature addresses like the one starting with ‘0x912’ often serve as strategic hubs for complex crypto operations. In this case, the address has been actively employing WETH to make continuous purchases of PERP tokens.

The data reveals that this crypto address has already utilized 4,509 WETH to acquire a staggering 6.8 million PERP tokens, amounting to an approximate value of $7.06 million. The average purchase price for PERP tokens in this remarkable transaction spree stood at $1.08.

This substantial acquisition has sent ripples through the PERP market, as the purchase volume accounts for a significant 10% of the cryptocurrency’s circulating supply. Such a sizeable stakeholder presence in a cryptocurrency can have profound implications on market dynamics, influencing supply and demand dynamics and potentially impacting token prices.

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