This week has proven to be good for the Compound (COMP) token prices. The token surged over 20% in the last 24 hours, making it among the best performing cryptocurrencies.
The COMP price jump is driven by multiple factors. Recently, Robinhood listed the Compound token with 3 other popular cryptocurrencies. Meanwhile, Santiment data suggests that whales were accumulating COMP even before the announcement.
Robinhood lists COMP
Compound’s Robinhood listing helped the token to clear its recent price dump. As per reports, COMP jumped by almost 29% after the listing announcement. The token is up by over 12% in the last 7 days.
Robinhood is a very well know cryptocurrency exchange platform. Last week, it launched its much awaited crypto wallet for 2 million users. This new addition can really guide COMP to rise in the future. The compound listing also included Polygon (MATIC), Solana (SOL), and the second largest meme crypto Shiba Inu (SHIB).
Compound’s total locked value (TLV) has increased by over 3% in the last 24 hours. The TVL stands at $6.45 billion. The COMP token is trading at an average price of $152, at press time. Its 24 hour trading volume is also up by 70%.
Whales seen building positions
This is not the only thing supporting the rise of COMP prices. Data from blockchain researcher Santiment showed there were a total of 12 $1 million worth of COMP accumulation transactions recorded in the past 48 hours. It also mentioned that no other such transactions were recorded after this. The whale spikes occurred at the time when the prices were down indicating that a reversal is near, it added.
According to WhaleStats, COMP was one of the most used smart contracts among the largest of the 100 Ethereum (ETH) whales in the past 24 hours. This simply implies the interest of the crypto whales in the token so far. As we dig in, top ETH whales are holding over $32 million worth of compound tokens.
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Source: https://coingape.com/robinhood-whale-interest-comp-rally/