On-Chain Data Spots Whale Activity On PERP
A Korean exchange, Bithumb, withdrew 4700 ETH, worth $7.66 million, from a wallet. The wallet owner converted the ETH to WETH and transferred it to a multisig wallet for PERP purchases. The whale then bought 6.8 million PERP, worth $7.06 million, using 4509 WETH at an average price of $1.08 per PERP. This represents 10% of the total PERP in circulation. Two days later, the whale sold all the purchased PERP for $5.02 million USDT, resulting in a 29% loss, totaling $2.04 million.
PERP, an Ethereum-based crypto token, has experienced significant volatility in recent days, coinciding with spotted whale activities. On September 5, PERP broke above local resistance at $0.4618, rallying for five days and gaining over 185% to $1.3300. However, a swift turnaround has seen PERP lose 50% of its value in less than three days, trading for $0.6721 at the time of writing. PERP powers the Perpetual Protocol, a decentralized exchange for perpetual contracts, allowing users to open leveraged trading positions for digital assets.
(With inputs from Shikha Singh)
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