Why is Perpetual Protocol (PERP) Up By 69%? Analyzing The Reason Behind Sudden Surge

Decentralized derivatives exchange Perpetual Protocol’s native PERP token has seen immense volatility in the last 24 hours, surging over 69% to currently trade around $1.42. The surge comes amidst heavy trading volumes, with over $137 million worth changing hands over the past day, representing over 920% of its typical daily turnover.

After hitting a low of $0.845 in the last 24 hours, PERP exploded as high as $1.47 before settling around its current levels. The breakout comes just days after PERP briefly visited new all-time lows under $0.80.

Source: CoinStats – Start using it today

As background, Perpetual Protocol allows trustless peer-to-peer trading of crypto futures contracts with up to 10x leverage on assets like BTC, ETH, DOT, and LINK. Its native token, PERP, captures fees from the perpetual swap AMM while also conferring governance rights.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

No protocol-specific news or developments appear responsible for the latest melt-high. Rather, the considerable uptick in volumes likely provided the spark for PERP to play catch up amidst the strength percolating across major altcoins this week.

Additionally, excess volatility often accompanies lower liquidity in holiday markets as well. Counter-trend rallies emerge more easily without requiring fundamental catalysts.

So in essence, an eye-catching technical breakout is driven chiefly by positive momentum dynamics rather than tangible Perpetual Protocol catalysts. 

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!