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.

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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. 

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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!

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