Compound (COMP), the governance token of the Compound protocol, has experienced a remarkable surge in value over the past week, positioning itself as one of the top gainers in the cryptocurrency market. The token’s price has risen by an impressive 33% within a span of just seven days.
Whale Activity Behind Price Increase
The recent surge in COMP’s price can be attributed to several factors. One significant catalyst is the presence of whale activity and potential institutional investors. Blockchain analytics firm Lookonchain shed some light on this phenomenon, revealing that a notable wallet identified as ‘0x0D5’ has been involved in substantial transactions involving COMP.
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The wallet transferred 3 million USDT to Binance and extracted 50,000 COMP, equivalent to around $2.26 million, just two days ago. Shortly after, the same entity withdrew an additional 120,000 COMP, valued at approximat
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