Compound (COMP), an early DeFi lending protocol on Ethereum, witnessed a huge 31.01% designate surge over the last 24 hours. It currently trades come $50.91, fixed with CoinMarketCap recordsdata.
This rally coincides with reviews suggesting its founder, Robert Leshner, allegedly moved 50,000 COMP tokens doubtlessly for selling. This motion took place factual earlier than the token’s extremely anticipated checklist on South Korea’s ideal exchange, Upbit (COMP/KRW pair).
Particulars Emerge on Founder’s Alleged Token Depart
On-chain monitoring service “ai_9684xtpa” reported token movements maybe linked to Compound founder Robert Leshner. In step with their tracking, 50,000 COMP tokens, to birth out with transferred by a Leshner-associated wallet to Galaxy Digital three weeks prior (March 12) when valued round $2.03 million, had been reportedly deposited to the Binance exchange Tuesday (April 1).
Their fresh designate is roughly $3.5 million, suggesting preparation for a doable sale by the recipient.
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How Could maybe maybe Upbit Itemizing Impression COMP Tag?
Upbit’s separate announcement that this could maybe maybe merely list the COMP/KRW pair has additional fueled bullish sentiment surrounding the token currently. The checklist, scheduled for 16:35 native time on April 1, is expected to pressure well-known procuring and selling process, particularly from South Korea’s active DeFi person noxious, doubtlessly boosting inquire.
Technically, COMP’s designate has broken out decisively above its upper Bollinger Band resistance stage, beforehand situated come $47.62.
The subsequent well-known overhead resistance stage for COMP appears come the $60 effect, aligning with designate motion highs seen in late December 2024.
Key make stronger ranges to look on any doable pullbacks comprise the heart Bollinger Band (currently round $42.68) and the lower band make stronger (come $37.74). Some analysts cite $75 as a that you just may maybe factor in longer-term breakout target if bullish momentum fully sustains itself following the checklist.
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The checklist on Upbit could provide additional upside doable if South Korean merchants pressure excessive inquire. However, if founder-linked promote-offs intensify, COMP could face downward stress.
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