• Compound (COMP) is up 8% within the final 24 hours and 51% prior to now week.
• COMP token’s positive factors got here from a spike in whale exercise this week.
• Additionally serving to the bulls is the market’s response to Coinbase’s response to SEC allegations that the change listed securities.

On account of elevated whale exercise, the worth of COMP, the native DeFi protocol compound token, has risen to ranges final seen in early March.

In accordance with blockchain sleuth Loookonchain, The rise within the worth of the compound coincides with elevated exercise of enormous holders. One in every of these wallets contributed $3.5 million to Binance earlier this week. USD stablecoin Tether (USDT) and bought 50,000 COMP.

On Thursday, the whale added one other 120,000 COMP tokens to its holdings.

Value from $COMP up nearly 50% final week and should have been purchased by a whale/establishment $COMP!

Pockets “0x0D5” deposited with 3M USD USD to #Binance June 26 and took 50 thousand $COMP ($2.26 million) earlier than 4 p.m. https://t.co/gMLDUwJVst pic.twitter.com/IXyocTJKVh

– Lookonchain (@lookonchain) in 2023 June 29

The every day buying and selling quantity in Compound was 89 million. USD on the time of writing and is down 12% within the final 24 hours. Nevertheless, it stays considerably increased in comparison with the quantity seen in the course of the month.

For instance, historic knowledge reveals that 24-hour volumes have ranged from 9.4 to 13 million. USD from June 17 till June 25, and on June 26

The worth of COMP can be rising resulting from Coinbase’s response to the SEC

Thursday at 6:45 a.m. ET on Coinbase, the worth of COMP rose to $47.98, and knowledge from CoinGecko reveals that the token is up +8% prior to now 24 hours and up greater than 51% prior to now seven days.

However the newest uptick got here when Coinbase filed a response to the SEC lawsuit.

June 29 Coinbase has filed a discover of intent to dismiss the case introduced in opposition to it by the SEC. The change mentioned the regulator had exceeded its jurisdiction and that the belongings at the moment traded on the US-based platform’s secondary market had been “exterior the SEC.”

Coinbase says the listed belongings should not “securities” because the SEC says they’re. Paul Grewal, Chief Authorized Officer, Coinbase says the change could also be concerned with regulators, however the SEC’s claims “transcend present legislation and must be dismissed.”