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COMP Token Rises by 50% in 4 Days Amid Flurry of Whale Activity on Binance
One wallet deposited $3.5 million worth of USDT and withdrew $7.76 million in Compound's COMP tokens this week.
Updated Jun 29, 2023, 10:21 a.m. Published Jun 29, 2023, 10:19 a.m.
The native token of decentralized finance (DeFi) protocol has surged by more than 50% in four days following a spike in volume and outflows on Binance.
COMP was trading at $45.98 at press time, doubling in value from its June 10 low of $22.89 and rising by 51.4% since Sunday, according to TradingView data.
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Blockchain sleuth Lookonchain noted that one particular wallet deposited $3.5 million worth of tether to Binance on June 26 before withdrawing 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 particular wallet has been steadily accumulating the DeFi token.
According to historical CoinMarketCap data, 24-hour volume for COMP trading pairs averaged between $10 million and $15 million between June 11 and June 24. On June 25, it experienced $170 million in daily volume with a further $119 million being printed on June 27.
Several altcoins have been rallying recently following bitcoin's charge back above the $30,000 level of resistance. The likes of Blur and Arbitrum posted double-digital gains earlier this week as bitcoin and ether consolidated, indicating a positive shift in sentiment after three-months of low volatility trading at range lows.
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