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. As Kriptokoin.com, we will be transferring the details.
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