The price of compoundfinance's native token $COMP has risen by more than 50% in four days as trading volume spiked across exchanges. Reporting by oknightcrypto.
noted that one particular wallet deposited $3.5 million worth of tether to Binance on June 26 before withdrawing 50,000 COMP tokens on Wednesday and an additional 120,000 tokens on Thursday.
The inflow of stablecoins and outflow of compound tokens indicates that this particular wallet has been steadily accumulating the DeFi token. According to historical CoinMarketCap data, 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.
Several altcoins have been rallying recently following bitcoin's charge back above the $30,000 level of resistance. The likes of as bitcoin and ether consolidated, indicating a positive shift in sentiment after three-months of low volatility trading at range lows.
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