According to reports PERP, the native token of Perpetual Protocol has been one priced of the best-performing assets over the past 48 hours. As of September 6, the token is at $1.05, roughly 130% up from August 2023 highs.
Perpetual Protocol is a popular decentralized finance (DeFi) protocol that allows users to trade crypto perpetual futures with leverage trustlessly. Perpetuals are a type of derivatives products which have no expiry dates.
In the last 24 hours of writing, the PERP U-based perpetual contract achieved a remarkable milestone with a trading volume of US$2.7 billion, marking a record high. This volume is second only to Bitcoin (BTC) and Ethereum (ETH) in the cryptocurrency market.
The total value of positions held in PERP contracts surged by an impressive 130% to reach US$163 million, once again setting a record high. It must be noted that 77% of these positions are attributed to the Binance exchange.
During this same 24-hour period, the price of PERP experienced a significant increase, rising by 40%. It clears out that there is growing interest surrounding the PERP U-based perpetual contract in the crypto market.
Blockchain analyst firm Lookonchain revealed yesterday that the Perpetual Protocol Foundation has transferred more than 903,000 PERP. These are said to be worth approximately $691,000 to Binance, the world’s largest cryptocurrency exchange.
Perpetual Protocol Foundation Wallet deposited 903K $PERP($691K) to #Binance 3 hrs ago after the price of $PERP increased.
— Lookonchain (@lookonchain) September 6, 2023
Foundation wallet deposited $PERP into #Binance every month from March to August, and has deposited a total of 7M $PERP ($4.62M).https://t.co/y8r7bGAHbI pic.twitter.com/QkqknAurjs
Since March, there has been a consistent decline in the token’s value, but during the last few months, the organization’s wallet has been continuously transferring tokens to Binance. This began in March when PERP was trading at a comparatively higher price of approximately $1, as indicated by tracking platforms like CoinMarketCap.
PERP plummeted by more than 65% to $0.38 in June after peaking at around $1.22 in early March. This was a slight uptick from July before prices fell to roughly $0.40 in August.
Buyers hold the upper hand in the PERP/USDT candlestick arrangement on the daily chart after a definite double bottom was formed following gains in early September. It remains to be seen whether the upward trend would continue and PERP has effectively bottomed after a difficult few months. What is evident is that buyers appear to be in control, with PERP trading around April 2023 levels, recouping losses from the previous four months.
