The price of Compound’s (COMP) native token has risen sharply over the past week due to increased activity from whales. Loookonchain, a blockchain sleuth, reports that Compound’s price increase coincides with large holders increasing their activity. One wallet deposited $3.5 million in Tether’s USDT currency, while Binance bought 50,000 COMP tokens this week. Additionally, the whale added an extra 120,000 COMP tokens on April 16.
Daily trading volume for Compound dropped 12% in the last 24 hours to $89 million, but remains higher than the monthly volume, which has historically been between $9.4 and $13 million.
The price of COMP has risen to $47.98 as of 645am ET on Thursday, with CoinGecko data showing the token’s value was +8% in the past 24 hours and over 51% higher in the past seven days.
The price of COMP has risen to $47.98 as of 645am ET on Thursday, with CoinGecko data showing the token’s value was +8% in the past 24 hours and over 51% higher in the past seven days. The DeFi token was trading at a low of $23.15 as of September 30, 2015.
The market reacted negatively to the SEC’s lawsuit against Coinbase for listing tokens that it claims are securities. Prices fell and COMP was one of the companies that saw their prices turn red when bears grew stronger.
However, the latest upside for the token comes as Coinbase filed a response to the SEC’s lawsuit. The exchange filed a notice of intent seeking to dismiss the SEC’s case against it, claiming that the regulator had overstepped its jurisdiction. Paul Grewal, Chief Legal Officer for Coinbase, says the exchange is open to engaging with regulators, but the SEC’s claims “go beyond existing law and should be dismissed.”
