In the ever-evolving altcoin market environment, significant deposits to Binance by key players have attracted the attention of both investors and enthusiasts. Two key organizations, the Perpetual Protocol Foundation and the Highstreet Treasury, have recently made moves to coincide with notable price increases for their respective tokens. Because these two altcoin teams have invested significant amounts of money. This article examines the details of these deposits. Here are the details…
Strategic moves for altcoin PERP drew attention
cryptocoin.com As we reported, the Perpetual Protocol Foundation has been making strategic deposits on Binance for the past few months. The most recent deposit of 903,000 PERP (equivalent to $691,000) was just three hours ago. This move comes after a significant rally in PERP price. The foundation has been consistently depositing PERP on Binance every month since March. This latest deposit marks the sixth consecutive month. In total, the foundation has invested 7 million PERP, 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
The Highstreet team also deposits HIGH on Binance
That same day, the Highstreet Treasury caught the attention of crypto enthusiasts by depositing a substantial amount of money into Binance. According to the Spot On Chain tracking, the address associated with the Highstreet Treasury deposited 1 million HIGH tokens on 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 actively invested HIGH tokens on Binance over the past week. In the past seven days alone, they have deposited 3,273 million HIGH tokens with an average price of $1.12 each. Currently, the Highstreet Treasury holds a substantial amount of 18.75 million HIGH tokens worth approximately $23.2 million.
🚨 Highstreet Treasury and Reserve deposited 1M $HIGH to #Binance at $1.24 ($1.24M) just now.
Notably, @highstreetworld has deposited 3.273M $HIGH to #Binance at $1.12 on avg ($3.67M) over the past 7 days and still holds 18.75M $HIGH ($23.2M).
👉 More details:… pic.twitter.com/Gxuj9xgdyH
— Spot On Chain (@spotonchain) September 6, 2023
What’s behind the deposits?
These recent deposits by the Perpetual Protocol Foundation and Highstreet Treasury indicate a broader trend for crypto holders to use Binance as a platform to manage their assets. The fact that these deposits coincide with price increases for their 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 in the stock market will result in sales. Investors and analysts will undoubtedly follow these developments closely, as they can give an idea of the overall sentiment of the market. Moreover, the actions of influential players such as these foundations and treasuries can significantly affect altcoin prices and market dynamics.
