{"id":540316,"date":"2023-06-29T13:00:19","date_gmt":"2023-06-29T13:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=540316"},"modified":"2024-06-11T09:17:45","modified_gmt":"2024-06-11T09:17:45","slug":"compound-comp-surges-nearly-10-in-the-past-day","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/compound-comp-surges-nearly-10-in-the-past-day\/","title":{"rendered":"Compound (COMP) Surges Nearly 10% In The Past Day, Here\u2019s Why"},"content":{"rendered":"

As the crypto world continues to evolve with increased volatility, unique patterns emerge, attracting the interest of investors and analysts alike. One such way has been observed in the recent trading activity of Compound (COMP), the governance token tied to the Compound protocol<\/a>. The asset experienced a significant surge, registering a nearly 10% growth within the past day.<\/span><\/p>\n

Over the last 7 days, COMP has been in an uptrend, and the 10% single-day rise forms part of a larger appreciation pattern. This escalation is noteworthy as the token’s price soared over 50% within just a week.<\/span><\/p>\n

Whale Activity Fuels Price Momentum<\/span><\/h2>\n

Blockchain analytics firm Lookonchain earlier today shed some light<\/a> on the reason behind the recent COMP price surge. The firm disclosed on Twitter that a possible whale or institutional investor appears to have made substantial COMP transactions.<\/span><\/p>\n

Related Reading: Over 167 Million BAT Utilized In DeFi Mainly In Compound, Aave And Uniswap<\/a><\/div>\n

According to Lookonchain, “Wallet ‘0x0D5’ transferred 3 million USDT to Binance on June 26 and extracted 50,000 COMP, equating to around $2.26 million, 16 hours ago.” The same entity reportedly withdrew an additional 120,000 COMP, valued at approximately $5.53 million from Binance shortly after.<\/span><\/p>\n

\n

The whale\/institution withdrew another 120K $COMP<\/a> ($5.53M) from #Binance<\/a> just now.<\/p>\n

So the rise in the price of $COMP<\/a> may have something to do with this whale\/institution.https:\/\/t.co\/6LfmjMxaRZ<\/a> pic.twitter.com\/Deh4v260qt<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) June 29, 2023<\/a><\/p><\/blockquote>\n

Such considerable transfers often signify bullish behavior and could contribute to the increase in COMP’s price, given their potential influence on the token’s supply and demand dynamics.<\/span><\/p>\n

Compound (COMP) Latest Price Action<\/h2>\n

COMP token price has increased in the past few days, with the governance token breaking multiple resistance levels. COMP is currently trading above\u00a0$46<\/span>, up 51.7%<\/a> over the past week. The token currently has a market capitalization of $321 million, making it rank\u00a0109th among the largest cryptocurrency by market cap.<\/p>\n

Meanwhile, over the past 24 hours, the asset has seen an upward trend of nearly 10% in price. COMP has also added more than $100 million to its market cap in the past weeks. The asset market capitalization<\/a> has surged from a low of below $200 million in the past few days to as high as $321 million as of today.<\/p>\n

\"Compound
Compound (COMP) price is moving sideways on the 4-hour chart. Source: COMP\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

COMP’s daily trading volume has also recorded a significant surge from the $10 million volume seen earlier this month to stand above $90 million in the past 24 hours. COMP currently has a 24-hour low of $38.82 and a 24-hour high of $47.39.<\/p>\n

Related Reading: Compound Prepares For A Major Rally To $80, Here Is Why<\/a><\/div>\n

Notably, the token’s performance is not limited to the past day or week. When viewed over a two-week span, COMP<\/a> has recorded a substantial growth pattern, registering a 70% gain. At the beginning of the month, COMP was trading at a low of $25 per token. At the time of writing, however, the token stands tall, commanding a price of $46.94.<\/span><\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

As the crypto world continues to evolve with increased volatility, unique patterns emerge, attracting the interest of investors and analysts alike. One such way has been observed in the recent trading activity of Compound (COMP), the governance token tied to the Compound protocol. The asset experienced a significant surge, registering a nearly 10% growth within the past day. Over the last 7 days, COMP has been in an uptrend, and the 10% single-day rise forms part of a larger appreciation pattern. This escalation is noteworthy as the token’s price soared over 50% within just a week. Whale Activity Fuels Price Momentum Blockchain analytics firm Lookonchain earlier today shed some light on the reason behind the recent COMP price surge. The firm disclosed on Twitter that a possible whale or institutional investor appears to have made substantial COMP transactions. Related Reading: Over 167 Million BAT Utilized In DeFi Mainly In Compound, Aave And Uniswap According to Lookonchain, “Wallet ‘0x0D5’ transferred 3 million USDT to Binance on June 26 and extracted 50,000 COMP, equating to around $2.26 million, 16 hours ago.” The same entity reportedly withdrew an additional 120,000 COMP, valued at approximately $5.53 million from Binance shortly after. The whale\/institution withdrew another 120K $COMP ($5.53M) from #Binance just now. So the rise in the price of $COMP may have something to do with this whale\/institution.https:\/\/t.co\/6LfmjMxaRZ pic.twitter.com\/Deh4v260qt \u2014 Lookonchain (@lookonchain) June 29, 2023 Such considerable transfers often signify bullish behavior and could contribute to the increase in COMP’s price, given their potential influence on the token’s supply and demand dynamics. Compound (COMP) Latest Price Action COMP token price has increased in the past few days, with the governance token breaking multiple resistance levels. COMP is currently trading above\u00a0$46, up 51.7% over the past week. The token currently has a market capitalization of $321 million, making it rank\u00a0109th among the largest cryptocurrency by market cap. Meanwhile, over the past 24 hours, the asset has seen an upward trend of nearly 10% in price. COMP has also added more than $100 million to its market cap in the past weeks. The asset market capitalization has surged from a low of below $200 million in the past few days to as high as $321 million as of today. COMP’s daily trading volume has also recorded a significant surge from the $10 million volume seen earlier this month to stand above $90 million in the past 24 hours. COMP currently has a 24-hour low of $38.82 and a 24-hour high of $47.39. Related Reading: Compound Prepares For A Major Rally To $80, Here Is Why Notably, the token’s performance is not limited to the past day or week. When viewed over a two-week span, COMP has recorded a substantial growth pattern, registering a 70% gain. At the beginning of the month, COMP was trading at a low of $25 per token. At the time of writing, however, the token stands tall, commanding a price of $46.94. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":515995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,79626,79574,6664],"class_list":["post-540316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-comp","tag-compound","tag-crypto"],"acf":[],"yoast_head":"\nCompound (COMP) Surges Nearly 10% In The Past Day, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"One such way has been observed in the recent trading activity of Compound (COMP), the governance token tied to the Compound protocol. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Compound (COMP) Surges Nearly 10% In The Past Day, Here\u2019s Why","url":"http:\/\/wncen.com\/news\/compound-comp-surges-nearly-10-in-the-past-day\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/compound-comp-surges-nearly-10-in-the-past-day\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Mining.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Mining.jpg?fit=2048%2C1210"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","comp","compound","crypto"],"dateCreated":"2023-06-29T13:00:19Z","datePublished":"2023-06-29T13:00:19Z","dateModified":"2024-06-11T09:17:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Compound (COMP) Surges Nearly 10% In The Past Day, Here\\u2019s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/compound-comp-surges-nearly-10-in-the-past-day\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/compound-comp-surges-nearly-10-in-the-past-day\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Mining.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Mining.jpg?fit=2048%2C1210\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"comp\",\"compound\",\"crypto\"],\"dateCreated\":\"2023-06-29T13:00:19Z\",\"datePublished\":\"2023-06-29T13:00:19Z\",\"dateModified\":\"2024-06-11T09:17:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Mining.jpg?fit=2048%2C1210","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/540316"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=540316"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/540316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/515995"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=540316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=540316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=540316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}