This week has confirmed to be good for the Compound (COMP) token costs. The token surged over 20% within the final 24 hours, making it among the many greatest performing cryptocurrencies.
The COMP worth soar is pushed by a number of elements. Not too long ago, Robinhood listed the Compound token with 3 different well-liked cryptocurrencies. In the meantime, Santiment knowledge means that whales have been accumulating COMP even earlier than the announcement.
Robinhood lists COMP
Compound’s Robinhood itemizing helped the token to clear its current worth dump. As per stories, COMP jumped by nearly 29% after the itemizing announcement. The token is up by over 12% within the final 7 days.
Robinhood is a really effectively know cryptocurrency alternate platform. Final week, it launched its a lot awaited crypto pockets for two million customers. This new addition can actually information COMP to rise sooner or later. The compound itemizing additionally included Polygon (MATIC), Solana (SOL), and the second largest meme crypto Shiba Inu (SHIB).
Compound’s whole locked worth (TLV) has elevated by over 3% within the final 24 hours. The TVL stands at $6.45 billion. The COMP token is buying and selling at a median worth of $152, at press time. Its 24 hour buying and selling quantity can also be up by 70%.
Whales seen constructing positions
This isn’t the one factor supporting the rise of COMP costs. Information from blockchain researcher Santiment confirmed there have been a complete of 12 $1 million price of COMP accumulation transactions recorded previously 48 hours. It additionally talked about that no different such transactions have been recorded after this. The whale spikes occurred on the time when the costs have been down indicating {that a} reversal is close to, it added.
In response to WhaleStats, COMP was one of the used good contracts among the many largest of the 100 Ethereum (ETH) whales previously 24 hours. This merely implies the curiosity of the crypto whales within the token to date. As we dig in, prime ETH whales are holding over $32 million price of compound tokens.
