DeFi strikes back: Why is COMP up +10.4% on the day?

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Ibis
Oct 28, 2020

As more and more pundits argue that the DeFi bubble has burst, the coin that started it all just had its best trading day this month.


One of Tuesday’s top performers, Compound’s native token ($COMP) grew by a meaty +10.4% earlier today before finally hitting resistance at the $110 mark.


As expected, the market has welcomed COMP’s mini rally with open arms, as the coin’s daily trading volume instantly surged to $157.6m - its highest level since September 3rd:

COMP, trading volume, last 3 months (Source: Sanbase)

And while there seems to be no price-moving news supporting the rally, COMP’s fundamentals - including its TVL, on-chain activity and market sentiment - have all shown strong growth potential over the past 7 days, making today’s pump far from surprising.


COMP's on-chain activity surges


In 90% of cases, sustained price rallies will

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Assets from this insight

Compound logo

CompoundCOMP

$ 112.92

3.55%in last 7d
0