Cypher
AltcoinCryptocurrencyNewsPrice Analysis

PERL Price Defies Market Downturn Rallies By over 100%

It is often a significant hurdle to generate momentum and attract investor attention in a bullish crypto market. However, the hurdle becomes more significant when the market is on a downtrend like we have witnessed recently.

Despite this recent decline in the entire crypto market, one coin (Perlin, PERL) has managed not to experience the dip. Instead, PERL rose from about $0.053 to about $0.135 between June 8 and 18, 2021, a remarkable 150% increase in price. Also, its average 24-hour trading volume rose sharply from $3.5M to approximately $123M.

PERL/USDT chart. Source: TradingView

Three factors are responsible for PERL’s fast price rise and demand. These are the listing of PerlinX on the Binance Smart Chain, the availability of the Perl.eco registration ledger, and enticing staking options for token holders to make profits from several cryptocurrencies.

Cypher

The “Planetary Ecosystem Registration Ledger”

The PERL price experienced an astronomical rise after the firm released its “planetary ecosystem registration ledger” (also called the Perl.eco), making it possible for real bioecological assets to be tokenized.

Perl.eco release announcement. Source: Twitter

The official reason for the release of the Perl.eco, as announced on their blog, is an “effort at democratizing the biosphere system via liquidity pools, tokenizing carbon credits, and biodiversity in the decentralized finance (Defi) space.” 

📰 Also read:  The Top Crypto Exchanges In Canada: All You Need To Know

A side benefit for PERL wallet holders is that they will be entitled to airdrops of tokenized carbon credits.

Once the tokens are released, holders of these airdrops can trade the liquidity pool with it or use it in any other way as specified.

Also, the PERL will become the official governance token of the ecosystem. Hence, holders can exercise their rights when vital decisions regarding the PERL ecosystem are being taken, such as votes on distribution and model fees.

Perlinx Launches On The BSC

In mid-April this year, PerlinX (the project’s Defi platform) was launched on the Binance Smart Chain (BSC) to reduced transaction fees. Also, this BSC listing automatically meant that PerlinX’s liquidity pool was listed on the PancakeSwap. Consequently, the PerlinX ecosystem had access to more excellent farming opportunities.

Also, yields earned from protocols on PancakeSwap are paid in that protocol’s cake token. Thus, PERL liquidity holders can redeposit their earnings in the Perlin pool and earn more PERL in a compound interest fashion.

The combined effect of these factors led to an increase in the demand for PERL. 

PerlinX offered PERL holders still on the Ethereum network other yield options such as simple staking, liquidity pools between PERL and USD coin (USDC), Dai (DAI), balancer (BAL), and Binance USD (BUSD), and wrapped ether (WETH).

📰 Also read:  US Government Set to Sell $117M in Bitcoin Seized From Convicted Silk Road Drug Trafficker

The VORTECS score (a Cointelegraph trademarked app) shows that market conditions remain favorable to the PERL.The VORTECS score compares past and present market conditions by combining several data points like Twitter activity, recent price movements, trading volume, and market sentiment.

VORTECS Score Perlin Chart. Source: Cointelegraph Market Pro

Perlin and its Perl.eco platform could solve the environmental concerns regarding crypto mining – a hot debate that continues to dominate discussions in the crypto community.  


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Hong Kong Sets 50% Insurance Requirement for Crypto Exchanges

Cypher

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content