The price movement to over 50% happened in a span of just four days, following a spike in volume and outflows on the Binance crypto exchange.
At the time of press, $COMP was changing hands for $46.87 – up by almost 10% in the past 24 hours.
A flurry of whale activity was noted by blockchain sleuth Lookonchain on Twitter. The post said that one particular wallet deposited $3.5million worth of $USDT stablecoins to Binance on 26 June before withdrawing 50,000 $COMP tokens ($2.26m) on Wednesday, and an additional 120,000 tokens ($5.5m) on Thursday. The move indicated that this particular wallet has been steadily accumulating the DeFi token.
CoinMarketCap data also revealed that the 24-hour volume for $COMP trading pairs averaged between $10m and $15m between 11 June and 24 June. This was then followed by $170m in daily volume with a further $119m being printed on 27 June.
Recently, the core developer team of Compound had announced a new project. While details about the same were scarce, the theory suggested that $COMP holders and those who interacted with the chain might benefit in some way.
Various altcoin tokens have also benefited from the positive shift in the broader cryptocurrency market. This also saw Bitcoin climbing back above its key $30,000 level of resistance.