A US-based crypto investment company transferred a large amount of altcoins purchased in 2021 to its Binance wallet. It is unclear whether the company, which lost more than 80% on its altcoin investment, will sell.
Dragonfly Capital moves its altcoin position, which it lost $44 million, to Binance
Blockchain researcher Lookonchain found that 4.69 million PERP was transferred to Binance from the address marked Dragonfly Capital. On-chain records show that company-owned wallets started purchasing PERP on July 20, 2021. With purchases made during this period, the company purchased a total of 4,264,921 PERP at an average price of $10.92. Calculated from the current price of $0.463, Dragonfly Capital has a variable loss of $44 million on this transaction.
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Dragonfly Capital began to buy and stake $PERP on July 20, 2021.
He bought a total of 4,264,921 $PERP ($46.55M at that time) during the bull market, with an average buying price of $10.92.
Selling at the current price of $0.463, he will lose ~44 millon USD! pic.twitter.com/H19mtoprWv
— Lookonchain (@lookonchain) December 7, 2022
Dragonfly Capital began buying and staking PERP on July 20, 2021, according to the report Lookonchain posted on Twitter on Dec. The company bought a total of 4,264,921 PERP ($46.55 million at the time) during the bull market. The average purchase price was $10.92.
Perpetual Protocol (PERP) is currently trading at $0.4666. Dragonfly Capital has lost $44 million from this investment last year.
PERP price drops after news
Meanwhile, on Binance, the PERP token 24-hour trading volume was just $3 million. After Dragonfly Capital transferred PERP, the price initially dropped around 2.5%. At the time of writing, the last 24-hour depreciation is over 5%. Dragonfly Capital may not have sold all of their 4.69 million PERP yet, as the downward move has yet to gain significant momentum. cryptocoin.comWe will pass on the details.
