Compound (COMP) Surges Nearly 10% In The Past Day, Here's Why

As the crypto world continues to evolve with increased volatility, unique patterns emerge, attracting the interest of investors and analysts alike. One such way has been observed in the recent trading activity of Compound (COMP), the governance token tied to the Compound protocol.

Timeline of Compound

As the largest part of the cryptocurrency market continues to switch between the red and green waves, taking the cue from the flagship decentralized finance (DeFi) asset that has recently crossed the crucial $30,000 threshold, some altcoins have stood out with their daily gains.

To the surprise of many, Compound (COMP) price has spiked by nearly 50% in the last 3 trading days. On-chain data flash multiple green signals, potentially indicating more gains ahead.

Ranked as the 9th DeFi protocol with the largest total value locked (TVL), Compound Finance's native token COMP has seen increased whale accumulation in the last three months, new data from Santiment revealed.

A few unsatisfied investors have proposed a lawsuit against Compound Finance to revoke sales of its native COMP token. The post Lawsuit Claims COMP a Security; Asks Compound to Revoke Token Sale appeared first on BeInCrypto.

The plaintiffs accused Compound DAO and the other defendants of violating U.S. securities regulations by selling COMP tokens to investors. The post Compound DAO sued by plaintiffs who held only $100 in COMP tokens appeared first on The Block.

Oryen Network (ORY) is an up-and-coming cryptocurrency quickly gaining traction in the industry. ORY ICO started only a week ago, but the team is confident they can break into the top 100 within the next few months.

Open-source protocol, Compound [COMP] seemed to be in the most cordial relationship with its community. This assertion was because the two recent governance proposals all have had a similar outcome as at press time.

The price of COMP remains above the daily 50 EMA as it approaches $80. Price remains bullish, holding above key support areas COMP price ranges in an asymmetric triangle with high buy orders.

Decentralized lending platform Compound has launched a new “streamlined” version of its protocol called “Compound III.” With the update, Compound (COMP), an algorithmic, autonomous interest rate protocol, is moving away from a pooled-risk model where users can borrow any asset, according to a new blog post from Robert Leshner, the founder of Compound Finance.

Lending protocol, Compound [COMP], seems to be perturbed by the project's inability to catch up with its peers in the Decentralized Finance (DeFi) space. This distress could have been a factor that led the cryptocurrency to proffer an upgrade for its community.