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Finance

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.

By Oliver Knight
AccessTimeIconJun 29, 2023 at 10:19 a.m. UTC
Updated Jun 29, 2023 at 10:21 a.m. UTC
COMP/USD chart on Binance (TradingView)

COMP/USD chart on Binance (TradingView)

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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.

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Oliver Knight
Oliver Knight

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

Follow @OKnightCrypto on Twitter

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