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.
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