On-Chain Data Platform Spots Significant Whale Activity on PERP

• According to EmberCN, an address withdrew 4700 ETH, worth $7.66 million from Bithumb.
• The whale converted the ETH to WETH and used it to purchase PERP.
• After two days, the whale sold the PERP tokens for a 29% loss.

According to EmberCN, the leading on-chain data provider, an address withdrew 4700 ETH, equivalent to $7.66 million from the Korean Exchange, Bithumb. The whale behind the withdrawal converted the ETH to WETH and transferred it to a multisig wallet used to purchase PERP.

EmberCN also confirmed in the post on X (formerly Twitter) that the same whale subsequently bought 6.8 million PERP, worth $7.06 million, using 4509 WETH at an average price of $1.08 per PERP. The recently purchased PERP represents 10% of the total PERP in current circulation, according to EmberCN.

Two days after EmberCN reported the whale transaction, Colin Wu, a famous Chinese crypto reporter, posted that the whale sold all the purchased PERP for 5.02 million USDT. According to Wu, the whale sold the PERP tokens at an average price of $0.74 per PERP, resulting in a total loss of $2.04 million, representing a 29% loss in the transaction.

PERP has experienced significant volatility in the past few days, coinciding with the period of the spotted whale activities. On Tuesday, September 5, PERP broke above a local resistance at $0.4618, rallying continuously for about five days. In the process PERP surged to $1.3300, gaining over 185%.

A swift turnaround has seen PERP lose a significant part of the recently acquired gains. PERP lost 50% of its value in less than three days and trades for $0.6721 at the time of writing. The recent cycle of events marks a period of unprecedented volatility amid a sluggish cryptocurrency market.

PERP is an Ethereum-based crypto token that powers the Perpetual Protocol, a decentralized exchange for perpetual contracts. The protocol allows crypto users to open leveraged trading positions for various digital assets.