HomeCoinsEthereum (ETH)Traders Are Dumping Compound Token as Quickly as It Will get Listed

Traders Are Dumping Compound Token as Quickly as It Will get Listed

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A report by Flipside Crypto states that buyers are liquidating their Compound (COMP) holdings as quickly as the chance presents itself; with main change listings appearing as catalyst.

COMP flows

COMP flows. Supply: Flipside Crypto.

Change listings led to dumps

The report states that as quickly as COMP was getting listed on main exchanges like Binance (BNB) or Coinbase, there have been observing main flows from the buyers to exchanges. As well as, there was allegedly a bigger switch made out of “the Compound crew to DeFi. This correlates with the unannounced itemizing of COMP on Uniswap”. 

When buying and selling on Coinbase ensued on June 23, it triggered “a big drop in value, most likely pushed by this one investor liquidating.”

COMP price

COMP value. Supply: Nomics.

Most of Compound customers are speculators

The report finds that the overwhelming majority of Compound customers are speculators who don’t have interaction in lending and borrowing, stating, “Compound customers maintain 23.8K of the energetic provide, whereas wallets who usually are not utilizing the protocol maintain a whopping 680.4K.”

Nonetheless, Compound has skilled speedy development within the final couple of months. It overtook Maker (MKR) in whole worth locked (TVL) of Ether (ETH) in accordance with a latest ConsenSys DeFi report:

“On June 21, for the primary time, Compound’s TVL surpassed that of Maker’s. By the tip of the quarter, $392M USD was locked in Maker and $570M USD was locked in Compound.”

We approached Compound Finance CEO Robert Leshner for remark, however he mentioned “I will not go on document and debate false data, it provides credence to dangerous reporting and smears. I’ll nevertheless, after your article is printed, level out how flawed it’s.”

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