Compound’s native token, COMP, has seen a surge of more than 50% in the past four days, following a spike in volume and outflows on Binance. At press time, COMP was trading at $45.98, 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 reported 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. This indicates that the wallet has been steadily accumulating the DeFi token.
CoinMarketCap data shows that 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.
The surge in COMP’s value follows a positive shift in sentiment after three months of low volatility trading at range lows. Several altcoins have been rallying recently, including Blur and Arbitrum, which posted double-digit gains earlier this week, following Bitcoin’s charge back above the $30,000 level of resistance.
Compound (COMP) Token Surges 50% Following Binance Volume Spike
