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

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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.

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

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.

Source

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