The Perpetual Protocol price is hovering near its highest level since September 28 as the demand for the tokens jumped. The PERP token is trading at $16.15, which is about 50% above the lowest level in September. This brings its total market capitalization to more than $1 billion, making it the 90th biggest cryptocurrency in the world.
What is the Perpetual Protocol?
The Perpetual Protocol is a decentralised exchange (DEX) that enables investors to buy and sell perpetual contracts at a significant amount of leverage. It can be viewed as a decentralised version of the FTX Exchange, which is one of the biggest centralised exchanges in the world.
Some of the key differences are that Perpetual is fully decentralised and that it is open to all. There are no sign-ups required. Another key difference is that the platform’s developers have taken insurance with Nexus Mutual and Unslashed Finance in case of a smart contract bug.
Over the years, demand for the Perpetual Protocol products has been on an upward trend. On its website, it says that its all-time volume has been worth more than $17 billion while the number of trades it has executed have risen to more than 3 million. PERP is the native token for the ecosytem, similar to how UNI is the token for Uniswap’s ecosystem.
The PERP price is rising today partly because of the recent announcement about the Perpetual Protocol NFT launch. In a note, the developers said that they will soon unveil these NFTs on Tuesday next week. This will happen as the developers work hard to launch the second version of the platform.
Decentralized exchanges like Perpetual have seen more demand in the past few weeks after China announced that it would ban all digital currencies trading. Therefore, more people shifted to decentralised platforms that are under no control of anyone.
Perpetual Protocol price prediction
The four-hour chart shows that the PERP price has been rising steadily in the past few days. It has managed to rise from a low of $12.68 to about $16.50. Along the way, it has moved above the 25-day and 50-day moving averages while the MACD has been moving in an upward trend.
Therefore, the path of the least resistance for the price is to the upside, with the next key resistance being at the September 27th high of $19.00, which is about 16% above the current level.
