South Korean crypto exchange Upbit has recently announced the addition of the Compound (COMP) token to its trading platform, causing the price of COMP to surge by 70% in just one day. This move by Upbit has had a significant impact on the Compound price, which has now reached a three-month high. The addition of COMP to the Upbit KRW market has attracted a lot of attention in the crypto community, with traders and investors closely watching the developments.
The Compound price had been fluctuating between $40 and $45 over the past week, but shot up to $71.04 after Upbit’s announcement. This drastic price increase reflects the positive market sentiment surrounding the addition of COMP to the Upbit exchange. The surge in COMP’s trading volume by 764% further highlights the growing interest in the token and the potential it holds in the market.
Upbit’s decision to add COMP to its platform comes at a time when South Korean regulators are increasing scrutiny on crypto exchanges. Despite this regulatory pressure, Upbit has decided to list COMP, signaling confidence in the token’s future. The availability of COMP in the Korean market is expected to attract more traders and investors, leading to increased trading volume and liquidity in the market.
The addition of COMP to Upbit’s trading platform could have a ripple effect on the overall crypto market. With South Korea cracking down on crypto exchanges and Google banning several exchanges, Upbit’s move to list COMP could lead to increased adoption and growth in the market. This development also demonstrates the potential for COMP to play a major role in the decentralized finance (DeFi) space and the broader crypto industry.
Amidst the positive news surrounding COMP, there have been some concerns raised about Compound founder Robert Leshner selling 50,000 COMP tokens worth $3.09 million through Galaxy Digital. The tokens were initially valued at $2.03 million and were transferred to Galaxy three weeks ago, raising suspicion about their sale. Despite this, the Compound price continues to show resilience and is currently trading at $56.88, up by 35% in the past 24 hours.
Overall, Upbit’s decision to add COMP to its trading platform has had a significant impact on the Compound price, signaling a potential turnaround for the token. With COMP recording notable gains over the past week and month, analysts and traders remain optimistic about its future prospects. The surge in trading volume and market capitalization further solidify COMP’s position among the top 100 crypto assets, highlighting its growing importance in the market.
