Whale exercise drives COMP token value up by 50%

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  • Compound (COMP) is up 8% over the previous 24 hours, up 51% final week.
  • The COMP token surge comes amid a surge in whale exercise this week.
  • Additionally serving to the bulls is the market response to Coinbase’s response to the SEC’s allegations that the alternate is itemizing securities.

Elevated whale exercise has pushed the value of COMP, the native token of the DeFi protocol Compound, to ranges final seen in early March.

In keeping with Blockchain Detective look chainThe rise in compound costs coincides with elevated exercise of huge holders. Certainly one of these wallets was on Binance earlier this week the place he deposited $3.5 million in stablecoin Tether (USDT) and obtained 50,000 COMP.

Whales added one other 120,000 COMP tokens to its holdings on Thursday.

On the time of writing, compound had $89 million in every day buying and selling quantity, down 12% over the previous 24 hours. Nevertheless, it’s nonetheless considerably larger in comparison with this month’s buying and selling quantity.

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For instance, historic information confirmed that quantity ranged from $9.4 million to $13 million within the 24-hour interval from June 17 to June 25, however jumped to $154 million on June 26. backside.

COMP value soars as Coinbase responds to SEC

COMP surged to $47.98 on Coinbase as of 6:45 a.m. ET Thursday, with the token’s worth rising +8% over the previous 24 hours and greater than 51% over the previous seven days, in accordance with CoinGecko information. .

COMP value motion on the every day chart. Supply: TradingView

DeFi tokens had been buying and selling as little as $23.15 on June 10 amid promoting strain after the SEC sued Coinbase and listed quite a few tokens it claimed to be securities. . These embody Solana, Cardano, Chiliz, Circulation, NEAR and Sprint.

The market response despatched costs decrease and COMP turned to loss because the bears gained momentum.

Nevertheless, latest excellent news got here with Coinbase submitting a response to the SEC lawsuit.

On June 29, Coinbase filed a letter of intent to dismiss the lawsuit in opposition to the SEC. In keeping with the alternate, the regulator has strayed from its jurisdiction and the property presently traded on the secondary market of the US-based platform “will not be inside the SEC’s mandate.”

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Coinbase claims its listed property will not be “securities” as claimed by the SEC. Coinbase Chief Authorized Officer Paul Grewal To inform The alternate is prepared to have interaction with regulators, however the SEC’s allegations “past the scope of present regulation and must be dismissed,” he mentioned.

(Tag Translation) Market

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