Whale moves on Binance, COMP rises 50% in 4 days | CoinDesk JAPAN | Coin Desk Japan

COMP, the native token of decentralized finance (DeFi) protocol Compound, surged more than 50% in four days following a surge in trading volume and an outflow on Binance.

COMP traded at $45.98 on June 29, doubling from a June 10 low of $22.89 and up 51.4% from Sunday, according to TradingView data.

Analytics firm Lookonchain reported that one particular wallet made $2.26 million on June 28 after depositing $3.5 million worth of Tether (USDT) with Binance on June 26. Withdrawal of 50,000 COMP worth 326 million yen, and withdrew another 120,000 COMP worth 5.5 million dollars (about 800 million yen) on Thursday.It pointed out.

COMP/USD chart on Binance. (TradingView)

The inflow of Tether and the outflow of COMP indicate that this particular wallet is steadily accumulating DeFi tokens.

According to CoinMarketCap historical data, the 24-hour trading volume of the COMP trading pair averaged between $10 million and $15 million per day between June 11th and June 24th. 60 million yen). However, on June 25, it recorded a $170 million turnover, with another $119 million traded on June 27. rice field.

Several altcoins have recently risen as Bitcoin (BTC) surpassed the $30,000 resistance. As Bitcoin and Ethereum (ETH) Consolidate, Altcoins Like Blue (Blur) and Arbitrum (ARB) Record Double-Digit Gains Earlier This Week, Low Volatility Trading at Three-Month Range Lows after , indicating a positive change in sentiment.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: TradingView
｜Original: COMP Token Rises by 50% in 4 Days Amid Flurry of Whale Activity on Binance