COMP Token Up 50% In 4 Days Amid Whale Activity On Binance

Decentralized finance (DeFi) protocol native token Compound (COMP) surged over 50% in four days after a spike in volume and outflows on Binance. COMP was trading at $45.98 at time of writing, doubling its value from the June 10 low of $22.89 and up 51.4% since Sunday, according to TradingView data.

Analyst platform Lookonchain noted that the wallet deposited $3.5 mln worth of Tether (USDT) to Binance on June 26, and then withdrew 50,000 COMP tokens ($2.26 mln) on Wednesday and another 120,000 tokens (5.5 mln dollars) on Thursday. An influx of stablecoins and an outflow of Compound tokens indicate that this wallet is accumulating a DeFi token.

CoinMarketCap data shows that 24-hour volume fluctuated between $9.4 mln and $13 mln from June 17 to 25, peaking at $154 mln on June 26. Compound’s daily trading volume at the time of writing was $89 mln, down 12% from the last 24 hours.

Image: SwissBorg Academy

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