joint financing [COMP] came as a surprise to the tokens traded by the top 500 Ethereum [ETH] whales in the last 24 hours. Whale tracking platform WhaleStats unveiled the update as COMP broke into the top ten tokens.
JUST IN: $COMP @compoundfinance now in the top 10 by trading volume among the 500 largest #ETH whales in the last 24 hours 🐳
Check out the top 100 whales here: https://t.co/tgYTpOmDm0
(and hodl $BBW to see data for the top 500!) #COMP #whalestats #babywhale #BBW pic.twitter.com/KnWbx4KTWF
— WhaleStats (tracking crypto whales) (@WhaleStats) October 16, 2022
Here is AMBCrypto Price Prediction for COMP for 2023-2024
Despite the attention whales paid to COMP, it did not result in a positive trend in terms of trading volume. According to Santiment, COMP is open 24 hours a day trading volume down 30.18% to $17.36 million. Before the drop, COMP had surged to $40.32 million as the crypto market saw some recovery.
Source: Santiment
Wait! Have COMP whales joined the party?
Interestingly, it didn’t look like COMP whales were interested in attending the gathering. This was because on-chain data recently showed minimal whale transactions within the Compound ecosystem.
sanctuary too uncovered that whale transactions worth a million dollars and up were only four at press time. For transactions in the $100,000 region, there were two. Therefore, interest in COMP could be limited to the activity of ETH whales adding more tokens to their portfolio.
Source: Santiment
Also, the initial surge in active COMP addresses and circulation on October 13 appeared to have lost pace. As of this writing, COMP’s 24/7 active addresses were at 250. The one-day circulation was also in place reduced to 34,500.
Therefore, this implied less accumulation and trading activity among retail investors. In addition, the number of unique COMP tokens that changed hands the day before was small compared to two to three days earlier.
Source: Santiment
Of growth and stagnation
COMP’s Total Value Locked (TVL) appeared to favor stagnation at press time. Corresponding DeFi calls, COMP’s TVL was 2.29 billion. The DeFi aggregator also showed that the current value is down 0.37% from the last 24 hours.
However, the one-month performance per TVL was positive as DeFi Llama posted 4.99% growth. Therefore, investors in Compound’s lending, staking, and liquidity pools felt it was worthy enough to raise more funds over the past thirty days.
Source: DeFi Llama
Measured by price, COMP’s performance differed slightly from TVL’s position. At press time, the Lending Protocol token is trading at $54.60. Underlying this price was a 1.58% drop over the past 24 hours CoinMarketCap Data.
Over a year ago, COMP’s all-time high (ATH) was $910.54 and trading at the current price may not be something investors would be happy about.
However, crypto market sentiment is struggling to form concrete bullish signals. As such, COMP investors may need to remain patient before anticipating a rally.
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