COMP token surges 50% in 4 days due to increased whale activity on Binance.

Compound (COMP), the native token of the decentralized finance (DeFi) protocol, has seen a surge of over 50% in just four days. This increase in value can be attributed to a spike in trading volume and outflows on Binance.

Currently, COMP is trading at $45.98, which is double its lowest point of $22.89 on June 10. It has risen by 51.4% since Sunday, according to TradingView data.

Blockchain analysis firm Lookonchain discovered that a specific wallet deposited $3.5 million worth of tether (USDT) into Binance on June 26. This wallet then proceeded to withdraw 50,000 COMP tokens ($2.26 million) on Wednesday and an additional 120,000 tokens ($5.5 million) on Thursday.

The inflow of stablecoins and outflow of compound tokens indicates that this wallet has been consistently accumulating the DeFi token.

According to historical data from CoinMarketCap, the 24-hour trading volume for COMP pairs averaged between $10 million and $15 million from June 11 to June 24. However, on June 25, the volume reached $170 million, and an additional $119 million was recorded on June 27.

Many altcoins have experienced recent rallies due to Bitcoin’s rise above the $30,000 resistance level. Altcoins such as Blur and Arbitrum saw double-digit gains earlier this week while Bitcoin (BTC) and Ethereum (ETH) consolidated. This indicates a positive shift in sentiment after three months of low volatility trading at range lows.

Edited by Sandali Handagama.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


New Bitcoin Arcade Game Makes Impact on Gamers

A groundbreaking platform recently launched with the aim of revolutionizing bitcoin adoption through its captivating ...


Ethereum stuck in range, downside correction risk high.

The value of Ethereum is facing difficulties in surpassing the resistance level of $1,920 when compared to the US Dol...


Starknet Foundation Makes It Rain STRK Tokens Showered Upon Contributors, But They're Not for Trading Just Yet!

StarkWare, the foundation created in November 2022 by developer StarkWare, has recently distributed rewards to early ...


Arbitrum DAO claims $56M in unclaimed ARB as airdrop deadline closes.

The Arbitrum Foundation has successfully incorporated the unclaimed ARB tokens from the Arbitrum airdrop into its flo...


The Crypto Chronicles: Hacks, Privacy, and Boba Rewards!

Stay on top of the latest cryptoasset and blockchain news with our quick and easy daily update, covering lesser-known...


Wintermute accused of facilitating 'wash trading' by Celsius creditors.

Creditors of Celsius are claiming that Wintermute, a crypto market maker, helped Celsius executives manipulate the pr...