The Compound (COMP) token prices have performed well this week. The token soared over 20% in the last 24 hours, making it one of the best-performing cryptocurrencies.
Multiple factors have contributed to the jump in the COMP price. Recently, the Compound token was listed on Robinhood alongside three other popular cryptocurrencies. Meanwhile, data from Santiment reveals that whales were already accumulating COMP before the announcement.
Robinhood lists COMP
Compound’s Robinhood listing helped the token to clear its recent price dump. According to reports, COMP soared by almost 29% after the listing announcement. The token has increased by over 12% in the last 7 days.
Robinhood is a very popular cryptocurrency exchange platform. Last week, it debuted its much-anticipated crypto wallet for 2 million customers. This new addition has the potential to help COMP grow in the future. The compound listing also included Polygon (MATIC), Solana (SOL), and Shiba Inu, the second-largest meme crypto.
Compound’s total locked value (TLV) has climbed by over 3% in the previous 24 hours. The TVL is currently valued at $6.45 billion. The COMP token is trading at an average price of $152 at the time of writing. Its 24-hour trading volume has also increased by 70%.
Whales seen building positions
This isn’t the only factor supporting the rise of COMP prices. According to data from blockchain researcher Santiment, a total of 12 $1 million worth of COMP accumulation transactions were recorded in the last 48 hours. It also said that no other such transactions were documented after that. The whale spikes happened at a time when prices were falling, signaling that a reversal is near, it added.
COMP was one of the most used smart contracts among the largest 100 Ethereum (ETH) whales in the last 24 hours, according to WhaleStats. This simply indicates the crypto whales’ interest in the token thus far. Top ETH whales are holding over $32 million worth of compound tokens, according to our research.