{"id":550298,"date":"2023-09-06T17:31:30","date_gmt":"2023-09-06T17:31:30","guid":{"rendered":"https:\/\/wncen.com\/?p=550298"},"modified":"2023-09-06T17:31:30","modified_gmt":"2023-09-06T17:31:30","slug":"perp-spikes-90-perpetual-protocol-foundation-binance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/perp-spikes-90-perpetual-protocol-foundation-binance\/","title":{"rendered":"PERP Spikes 90%, Perpetual Protocol Foundation Sends Tokens To Binance: Is This Good"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">PERP, the native token of Perpetual Protocol, is one of the top-performing assets, looking at price action in the past 48 hours. As of September 6, the token is\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/coinmarketcap.com\/currencies\/perpetual-protocol\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">changing hands<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0at $0.78, adding roughly 90% from August 2023 highs.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Amid this stellar performance, reports\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/76198427\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">reveal<\/span><\/a><span data-preserver-spaces=\"true\"> that the Perpetual Protocol Foundation has transferred 903,000 PERP worth approximately $691,000 to Binance, the world&#8217;s largest cryptocurrency exchange by trading volumes and client count.<\/span><\/p>\n<figure id=\"attachment_550300\" aria-describedby=\"caption-attachment-550300\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-550300\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/PERP-transfers-to-Binance.jpeg?resize=1024%2C484\" alt=\"PERP transfers to Binance: Etherscan\" width=\"1024\" height=\"484\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/PERP-transfers-to-Binance.jpeg?w=2666 2666w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/PERP-transfers-to-Binance.jpeg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/PERP-transfers-to-Binance.jpeg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/PERP-transfers-to-Binance.jpeg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/PERP-transfers-to-Binance.jpeg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/PERP-transfers-to-Binance.jpeg?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/PERP-transfers-to-Binance.jpeg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/PERP-transfers-to-Binance.jpeg?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-550300\" class=\"wp-caption-text\">PERP transfers to Binance: Etherscan<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">PERP Ripping Higher After Dumping In Q2 2023<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to Lookonchain, a blockchain analytic platform, the wallet associated with the foundation has been regularly moving tokens to Binance in the past few months, starting from March. At that time, PERP was trading at a relatively higher price, at around $1, looking at trackers like CoinMarketCap. Since then, however, the token has been on a downtrend.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/binance\/fdusd-market-cap-jumps-by-20-following-binance-directive\/\" target=\"_blank\" rel=\"noopener \">FDUSD Market Cap Jumps By 20% Following Binance Directive<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">To illustrate, after peaking at about $1.22 in early March, PERP tanked by over 65% to $0.38 in June. A marginal increase from July before prices contracted to around $0.40 in August, bouncing to spot rates in the past few trading sessions.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/SejPLgOG\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/SejPLgOG\/\" alt=\"Perpetual Protocol price on September 6| Source: PERPUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Perpetual Protocol price on September 6| Source: <a href=\"https:\/\/www.tradingview.com\/x\/SejPLgOG\/\" target=\"_blank\" rel=\"noopener nofollow\">PERPUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Looking at the PERP\/USDT candlestick arrangement in the daily chart, buyers have the upper hand after a clear double bottom was printed following gains in early September. Whether the uptrend will continue and PERP has effectively bottomed after a rough few months is yet to be seen. What&#8217;s clear is that buyers appear to be in control, and PERP is trading at April 2023 levels, peeling back losses of the past four months.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Perpetual Protocol TVL Remains Depressed, Will The Foundation Sell?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Perpetual Protocol is a popular decentralized finance (DeFi) protocol allowing users to trade crypto perpetual futures with leverage trustlessly. Perpetuals are complex derivatives products with no expiry dates. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Perpetual Protocol also supports concentrated liquidity, a feature first introduced in Uniswap v3. Moreover, it allows leverage of up to 10X.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-mvrv-at-critical-support-line-will-retest-be-successful\/\" target=\"_blank\" rel=\"noopener \">Bitcoin MVRV At Critical Support Line, Will Retest Be Successful?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Through this exchange, DeFi users have an alternative to Binance or Coinbase, both centralized options. By September 6, the exchange&#8217;s total value locked (TVL) was steady at around $12 million, down from $18 million in late July 2023. Of note, PERP is rallying without any sharp increment in TVL, as DefiLlama data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/protocol\/perpetual-protocol\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<figure id=\"attachment_550301\" aria-describedby=\"caption-attachment-550301\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-550301\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Perpetual-Protocol-TVL.png?resize=1024%2C368\" alt=\"Perpetual Protocol TVL: DeFiLlama\" width=\"1024\" height=\"368\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Perpetual-Protocol-TVL.png?w=1120 1120w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Perpetual-Protocol-TVL.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Perpetual-Protocol-TVL.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Perpetual-Protocol-TVL.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Perpetual-Protocol-TVL.png?w=750 750w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-550301\" class=\"wp-caption-text\">Perpetual Protocol TVL: DeFiLlama<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Typically, outflow from a non-custodial wallet to a centralized exchange is interpreted as bearish in crypto circles. So far, trackers reveal that the Perpetual Protocol Foundation has 7 million PERP in Binance worth over $4.62 million. It is also not clear whether they plan to sell.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>PERP, the native token of Perpetual Protocol, is one of the top-performing assets, looking at price action in the past 48 hours. As of September 6, the token is\u00a0changing hands\u00a0at $0.78, adding roughly 90% from August 2023 highs.\u00a0 Amid this stellar performance, reports\u00a0reveal that the Perpetual Protocol Foundation has transferred 903,000 PERP worth approximately $691,000 to Binance, the world&#8217;s largest cryptocurrency exchange by trading volumes and client count. PERP Ripping Higher After Dumping In Q2 2023 According to Lookonchain, a blockchain analytic platform, the wallet associated with the foundation has been regularly moving tokens to Binance in the past few months, starting from March. At that time, PERP was trading at a relatively higher price, at around $1, looking at trackers like CoinMarketCap. Since then, however, the token has been on a downtrend.\u00a0 Related Reading: FDUSD Market Cap Jumps By 20% Following Binance Directive To illustrate, after peaking at about $1.22 in early March, PERP tanked by over 65% to $0.38 in June. A marginal increase from July before prices contracted to around $0.40 in August, bouncing to spot rates in the past few trading sessions. Looking at the PERP\/USDT candlestick arrangement in the daily chart, buyers have the upper hand after a clear double bottom was printed following gains in early September. Whether the uptrend will continue and PERP has effectively bottomed after a rough few months is yet to be seen. What&#8217;s clear is that buyers appear to be in control, and PERP is trading at April 2023 levels, peeling back losses of the past four months. Perpetual Protocol TVL Remains Depressed, Will The Foundation Sell? Perpetual Protocol is a popular decentralized finance (DeFi) protocol allowing users to trade crypto perpetual futures with leverage trustlessly. Perpetuals are complex derivatives products with no expiry dates. Perpetual Protocol also supports concentrated liquidity, a feature first introduced in Uniswap v3. Moreover, it allows leverage of up to 10X. Related Reading: Bitcoin MVRV At Critical Support Line, Will Retest Be Successful? Through this exchange, DeFi users have an alternative to Binance or Coinbase, both centralized options. By September 6, the exchange&#8217;s total value locked (TVL) was steady at around $12 million, down from $18 million in late July 2023. Of note, PERP is rallying without any sharp increment in TVL, as DefiLlama data\u00a0shows.\u00a0 Typically, outflow from a non-custodial wallet to a centralized exchange is interpreted as bearish in crypto circles. So far, trackers reveal that the Perpetual Protocol Foundation has 7 million PERP in Binance worth over $4.62 million. It is also not clear whether they plan to sell. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":550302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[10768,54512,89324,89323,4189],"class_list":["post-550298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-binance","tag-defi","tag-perp","tag-perpetual-protocol","tag-trading"],"acf":[],"yoast_head":"\n<title>PERP Spikes 90%, Perpetual Protocol Foundation Sends Tokens To Binance: Is This Good<\/title>\n<meta name=\"description\" content=\"PERP is up 90% from August lows. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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