- The Compound team deposited 20,000 COMP worth around $1.5 million to Coinbase.
- Kraken has sold 131,900 COMP tokens through Cumberland.
Compound (COMP), an ERC-20 token that empowers community governance of the Compound protocol, has experienced a surge in its trading price after the remarkable transfer. A whale that is related to the Compound team has deposited 20,000 COMP tokens to Coinbase.
A whale related to the Compound team deposited 20,000 $COMP ($1.5M) to #Coinbase 2 hrs ago.
And the whale currently has 402,462 $COMP ($29.8M) on #Compound.https://t.co/fZNr8QVDwG pic.twitter.com/olZT5yAFRH— Lookonchain (@lookonchain) July 21, 2023
On July 21, Santiment, the crypto market analyzer, reported that a whale account related to the Compound team deposited 20,000 COMP worth around $1.5 million to Coinbase, one of the leading crypto exchanges. Moreover, the whale currently holds a total of 402,462 COMP tokens, worth around $29.8 million.
Compound (COMP) Suspicious Whale Transaction
According to the report, the same whale account has received 644,556 COMP tokens worth $47 million from the Compound team and deployer. Following that, the wallet deposited 116,320 tokens worth approximately $6.5 million to the crypto exchange Coinbase. Moreover, the crypto trading platform Kraken has sold 131,900 COMP tokens through Cumberland and 27,800 tokens on the DEX.
The suspicious transactions have caught the attention of the crypto market. It raised questions among investors about the reason behind the whale transactions. Cryptocurrencies like Compound have gradually pervaded mainstream consciousness and gained traction. Moreover, the recent whale activity in the Compound has started reflecting on its trading price.
At the time of writing, the trading price of Compound is around $71.97, with an increase of over 2.17% in the last 24 hours. The trading volume of the COMP has experienced a surge of around 24.53%, according to CoinMarketCap.
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