{"id":21941,"date":"2023-06-29T12:01:02","date_gmt":"2023-06-29T12:01:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/compound-comp-surges-amid-whale-activity-and-coinbase-news\/"},"modified":"2023-06-29T12:01:02","modified_gmt":"2023-06-29T12:01:02","slug":"compound-comp-surges-amid-whale-activity-and-coinbase-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/compound-comp-surges-amid-whale-activity-and-coinbase-news\/","title":{"rendered":"Compound (COMP) surges amid whale activity and Coinbase news"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1688039060241-1ebb9988-f2c8-45b9-b9ff-c5a34161eaee-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1688039060241-1ebb9988-f2c8-45b9-b9ff-c5a34161eaee-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1688039060241-1ebb9988-f2c8-45b9-b9ff-c5a34161eaee-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1688039060241-1ebb9988-f2c8-45b9-b9ff-c5a34161eaee-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Compound (COMP) was up 8% in the past 24 hours and 51% this past week.<\/li>\n<li dir=\"ltr\">The gains for COMP token have come amid this week\u2019s spike in whale activity.<\/li>\n<li dir=\"ltr\">Also helping bulls looks to be a market reaction to Coinbase\u2019s response to SEC allegations that the exchange lists securities.<\/li>\n<\/ul>\n<p dir=\"ltr\">Increased whale activity has seen the price of COMP, the native token of DeFi protocol <a href=\"https:\/\/coinjournal.net\/compound\/\">Compound<\/a>, soar to levels last witnessed in early March.<\/p>\n<p dir=\"ltr\">According to blockchain sleuth <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1674336952940904448\" rel=\"noopener noreferrer\" target=\"_blank\">Loookonchain<\/a>, Compound\u2019s price upside coincides with increased activity by large holders. One of these wallets deposited $3.5 million of stablecoin Tether (USDT) on Binance earlier this week, and acquired 50,000 COMP.\u00a0<\/p>\n<p dir=\"ltr\">The whale added another 120,000 COMP tokens to their holdings on Thursday.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The price of <a href=\"https:\/\/twitter.com\/search?q=%24COMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$COMP<\/a> is up nearly 50% in the past week and a whale\/institution may have bought <a href=\"https:\/\/twitter.com\/search?q=%24COMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$COMP<\/a>!<\/p>\n<p>Wallet&#8221;0x0D5&#8243; deposited 3M <a href=\"https:\/\/twitter.com\/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDT<\/a> to <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> on June 26 and withdrew 50K <a href=\"https:\/\/twitter.com\/search?q=%24COMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$COMP<\/a> ($2.26M) 16 hrs ago.<a href=\"https:\/\/t.co\/gMLDUwJVst\">https:\/\/t.co\/gMLDUwJVst<\/a> <a href=\"https:\/\/t.co\/IXyocTJKVh\">pic.twitter.com\/IXyocTJKVh<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1674336952940904448?ref_src=twsrc%5Etfw\">June 29, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">Daily trading volume for Compound was $89 million at the time of writing, down 12% in the past 24 hours. However, it remains significantly higher compared to the volume seen over the month.\u00a0<\/p>\n<p dir=\"ltr\">For instance, <a href=\"https:\/\/www.coingecko.com\/en\/coins\/compound\/historical_data#panel\" rel=\"noopener noreferrer\" target=\"_blank\">historical data<\/a> shows 24-hour volume ranged between $9.4 million and $13 million from June 17 to June 25, before spiking to $154 million on June 26.<\/p>\n<h2 dir=\"ltr\">COMP price also spikes amid Coinbase response to SEC<\/h2>\n<p dir=\"ltr\">COMP had spiked to $47.98 on Coinbase as of 6:45 am ET on Thursday, with CoinGecko data showing the token\u2019s value was +8% in the past 24 hours and over 51% higher in the past seven days.\u00a0<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 700px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/05\/29\/1688038539705-09e94e77-eec5-47c0-91c1-26a531a4889c.png\" style=\"width: 700px\" class=\"fr-fic fr-dib\" width=\"700\" height=\"270\"\/><span class=\"fr-inner\">COMP price movement on the daily chart. Source:\u00a0<a href=\"https:\/\/www.tradingview.com\/x\/EexPHhNT\/\" rel=\"noopener noreferrer\" target=\"_blank\">TradingView<\/a><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p class=\"fr-img-space-wrap2\">The DeFi token had traded at lows of $23.15 on June 10 amid sell-off pressure after the SEC sued Coinbase and listed a number of tokens it alleges are securities. These include Solana, Cardano, Chiliz, Flow, NEAR and Dash.\u00a0<\/p>\n<p class=\"fr-img-space-wrap2\">Market reaction pushed prices lower, with COMP among those to turn red as bears strengthened.\u00a0<\/p>\n<\/div>\n<p dir=\"ltr\">However, the latest upside comes as Coinbase <a href=\"https:\/\/coinjournal.net\/news\/coinbase-files-to-have-the-lawsuit-by-the-sec-dismissed-for-lack-of-merits\/\">filed a response<\/a> to the SEC\u2019s lawsuit.<\/p>\n<p dir=\"ltr\">On June 29, Coinbase filed a notice of intent seeking to dismiss the SEC\u2019s case against it. According to the exchange, the regulator overstepped its jurisdiction and that the assets currently trading the US-based platform\u2019s secondary market \u201care not within the SEC\u2019s authority.\u201d<\/p>\n<p>Coinbase maintains the listed assets are not \u201csecurities\u201d as SEC alleges. Paul Grewal, Chief Legal Officer at Coinbase <a href=\"https:\/\/twitter.com\/iampaulgrewal\/status\/1674271486004297735\"><u>says<\/u><\/a> the exchange is open to engaging regulators, but SEC\u2019s claims \u201cgo beyond existing law and should be dismissed.\u201d<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/whale-activity-pushes-comp-token-price-up-by-50\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Compound (COMP) was up 8% in the past 24 hours and 51% this past week. The gains for COMP token have come amid this week\u2019s spike in whale activity. Also helping bulls looks to be a market reaction to Coinbase\u2019s response to SEC [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":21942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21941"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21941"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21942"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}