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.

AccessTimeIconJun 29, 2023 at 10:19 a.m. UTC
Updated Jun 29, 2023 at 10:21 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The native token of decentralized finance (DeFi) protocol Compound (COMP) 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.

Blockchain sleuth Lookonchain noted that one particular wallet deposited $3.5 million worth of tether (USDT) 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 (BTC) and ether (ETH) consolidated, indicating a positive shift in sentiment after three-months of low volatility trading at range lows.

Edited by Sandali Handagama.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.