Main navigation

Compound (COMP) Spikes 28.21%, Here Are 2 Potential Reasons

News
Thu, 04/14/2022 - 09:15
article image
Yuri Molchan
Popular altcoin has demonstrated a rise of more than 28% in two days
Compound (COMP) Spikes 28.21%, Here Are 2 Potential Reasons
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

Santiment has suggested one of the reasons for the recent COMP price pump, when the altcoin surged by over 28%. The other factor that provoked the rise was the listing of Compound on Robinhood, along with a few other popular altcoins.

COMP adds 21.22% in less than one day

The Santiment team has tweeted that among the prerequisites of COMP's price surge were massive whale transfers of the coin. In a recent tweet, they noted 12 transactions carrying more than $1 million worth of COMP. These took place just 48 hours before the price went up, and none occurred the week before that.

Over the past two days overall, the coin has added 28.21% to its market value. A total of 21.22% growth occured in less than one day.

Related
I Can See SHIB Touching $0.001: David Gokhshtein

Compound listed on Robinhood

Two days ago, Robinhood investment app that allows users to buy stocks and crypto announced the newly listed coins. Aside from the popular meme coin, Shiba Inu—whose listing on the platform was much expected by the community—the brokerage app also added COMP, SOL and MATIC to its lineup of coins, which now totals 11 cryptos.

On this news, COMP demonstrated a massive price spike. At the time of writing, the token is trading at $154.23.

COMPspike_00jef
Image via TradingView
article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.