In the ever-evolving environment of the altcoin market, significant deposits into Binance by major players have attracted the attention of investors and enthusiasts alike. Two prominent organizations, Perpetual Protocol Foundation and Highstreet Treasury, have recently made moves that coincide with significant price increases in their respective tokens. Because these two altcoin teams deposited significant amounts of money. This article examines the details of these deposits. Here are the details…
Strategic moves for Altcoin PERP attracted attention
As we reported as Kriptokoin.com, Perpetual Protocol Foundation has been making strategic deposits to Binance for the last few months. The last deposit of 903,000 PERP (equivalent to $691,000) occurred just three hours ago. This move follows a significant rise in the PERP price. The Foundation has been steadily depositing PERP to Binance every month since March. This latest deposit marks the sixth consecutive month. In total, the Foundation invested 7 million PERP, which is equivalent to $4.62 million at current market prices.
Perpetual Protocol Foundation Wallet deposited 903K $PERP($691K) to #Binance 3 hrs ago after the price of $PERP increased.
Foundation wallet deposited $PERP into #Binance every month from March to August, and has deposited a total of 7M $PERP ($4.62M).https://t.co/y8r7bGAHbI pic.twitter.com/QkqknAurjs
— Lookonchain (@lookonchain) September 6, 2023
Highstreet team also invests HIGH in Binance
On the same day, Highstreet Treasury attracted the attention of crypto enthusiasts by depositing a significant amount of money to Binance. According to Spot On Chain tracking, the address associated with Highstreet Treasury deposited 1 million HIGH tokens to Binance at an average price of $1.24 per token. It is noteworthy that this deposit coincided with a period when the average price of HIGH was on the rise. What makes this situation even more interesting is that Highstreet Treasury has been actively depositing HIGH tokens to Binance over the past week. In the last seven days alone, they deposited 3.273 million HIGH tokens with an average price of $1.12 each. Currently, Highstreet Treasury holds a significant amount of 18.75 million HIGH tokens, worth approximately $23.2 million.
https://twitter.com/spotonchain/status/1699259007175946408
What’s behind the deposits?
These recent deposits by the Perpetual Protocol Foundation and Highstreet Treasury indicate a broader trend for cryptocurrency holders to use Binance as a platform to manage their assets. The fact that these deposits coincided with price increases in their own tokens raises questions about their strategic intentions. Are they taking advantage of uptrends or do they have longer-term plans in mind?
In particular, there is a perception that depositing money into the stock market will result in selling. Investors and analysts will undoubtedly follow these developments closely, as they may provide insight into the overall sentiment of the market. Moreover, the actions of influential players such as foundations and treasuries can significantly affect altcoin prices and market dynamics.
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