In recent hours, significant activity among whales has sparked attention in the cryptocurrency market, particularly surrounding the perpetual protocol’s token, $PERP.
On-chain data analyzed by spotonchain revealed a noteworthy transaction involving Binance Labs, which deposited 750K PERP ($784K) into Binance at $1.05. This move follows a two-year period of inactivity with the token.
Notably, Binance Labs was an investor in Perpetual Protocol and had been inactive with $PERP for 2 years.
Currently, Binance Labs still holds 3M $PERP ($3.14M).
More details:… pic.twitter.com/KzdujPzwhr
— Spot On Chain (@spotonchain) February 6, 2024
It’s worth noting that Binance Labs was an initial investor in Perpetual Protocol, acquiring 6.25M PERP from the project’s wallet on March 16, 2021, at an undisclosed seed price.
They subsequently deposited 3.25M PERP to Binance at an average of $5.71 per token on March 23, 2021, and again recently.
$PERP Price Action To Monitor Following Whale’s Movements
The influx of PERP tokens into Binance from Binance Labs coincided with a 9% decline in PERP’s value over the past week. As of now, Binance Labs still holds 3M PERP ($3.14M).
The sudden movement of such a substantial amount of PERP tokens by Binance Labs has prompted speculation within the crypto community. Analysts and investors are closely monitoring these developments, considering their potential implications for the broader cryptocurrency market.
Whale activity often serves as a barometer for market sentiment and can influence short-term price movements. As such, the actions of entities like Binance Labs can have a significant impact on the trajectory of specific tokens and the overall market landscape.
As the cryptocurrency market continues to evolve and mature, the behavior of whales and institutional investors remains a focal point for market participants seeking insights into future price trends and market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.