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.
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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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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.
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