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$21 Million In Compound (COMP) Transferred to Coinbase: Price Impact

1 min
Updated by Harsh Notariya
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In Brief

  • Polychain Capital transferred 229,468 COMP to Coinbase, totaling about $20.75 million.
  • COMP price drops nearly 7% following transfer; Polychain still holds 76,490 COMP.
  • Market speculation rises as COMP price fluctuates; potential for future movements noted.
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Polychain Capital, a heavyweight in the venture capital sphere, transferred a staggering 229,468 Compound (COMP) to Coinbase Prime. This transfer amounts to roughly $20.75 million.

As a seed investor in Compound, Polychain Capital’s actions carry weight. They signal strategic shifts in the market that both investors and analysts keenly watch.

Compound Price Consolidates

According to Spot On Chain, Polychain received 305,975 COMP from Compound on April 2, 2020. At the time, the tokens were valued at an average price of $78.58, totaling around $24.04 million.

Notably, the firm held these tokens through various market fluctuations. This includes the peak in May 2021 when COMP’s price soared to an all-time high of $831.

Despite the market’s volatility, Polychain has committed to its Compound investment. However, the recent transfer of a substantial portion of its holdings to Coinbase has sparked widespread speculation. The community watches closely with 76,490 COMP, worth $6.89 million, still under Polychain Capital’s control

Following this significant transfer, COMP’s price saw a nearly 7% drop in the last 24 hours. The market observes COMP prices fluctuating between $95 and $81 since the month’s start.

This range indicates a period of uncertainty. Yet, it also suggests potential for future movements that could shape the market’s direction.

Read more: Compound (COMP) Price Prediction 2024/2025/2030

Compound (COMP) Price Performance
Compound (COMP) Price Performance. Source: TradingView

Nonetheless, Astekz, a crypto trader, voiced a bullish stance on DeFi tokens.

“The more the suits get into crypto, the more I think DeFi products are under priced. Very bullish-looking [COMP] chart,” Astekz said.

This opinion mirrors a wider sentiment within the industry. Many believe that despite current price movements, the DeFi sector holds undervalued gems that could provide substantial returns in the long run.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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