Compound’s state-of-affairs may be tangled thanks to ETH whales

Compound Finance [COMP] came as a surprise addition to the tokens traded by the top 500 Ethereum [ETH] whales in the last 24 hours. Whale tracking platform, WhaleStats revealed the update as COMP broke into the top ten tokens.

JUST IN: $COMP @compoundfinance now on top 10 by trading volume among 500 biggest #ETH whales in the last 24hrs 🐳

Peep the top 100 whales here:

(and hodl $BBW to see data for the top 500!)#COMP #whalestats #babywhale #BBW pic.twitter.com/KnWbx4KTWF

— WhaleStats (tracking crypto whales) (@WhaleStats) October 16, 2022

Here’s AMBCrypto’s Price Prediction for COMP for 2023-2024

Despite the attention whales gave to COMP, it did not result in a positive trend per its trading volume. According to Santiment, COMP’s 24-hour trading volume dropped by 30.18% to $17.36 million. Before the decline, COMP had surged to $40.32 million when the crypto market experienced some respite.

Source: Santiment

Wait! Did COMP whales join the party?

Interestingly, it did not look like COMP whales were interested in joining the gathering. This was because on-chain data showed minimal whale transactions within the Compound ecosystem lately. 

Santiment also revealed that whale transactions worth one million dollars and above were only four at press time. For transactions in the $100,000 region, there were two. Hence, the interest in COMP could be limited to the activities of ETH whales adding more tokens to their portfolio.

Source: Santiment

Additionally, the initial uptick of the COMP active addresses and circulation on 13 October seemed to have lost its pace. As of this writing, COMP’s 24-hour active addresses stood at 250. The one-day circulation had also decreased to 34,500.

Hence, this implied less accumulation and trading activities among retail investors. Furthermore, the number of unique COMP tokens that exchanged hands over the previous day was low compared to two to three days back.

Source: Santiment

Of growth and stalemates

COMP’s Total Value Locked (TVL) seemed to prefer stagnancy at press time. According to DeFi Llama, COMP’s TVL was at 2.29 billion. The DeFi aggregator also showed that the current value was a 0.37% decrease from the last 24 hours. 

However, the one-month performance per TVL was positive, as DeFi Llama recorded a 4.99% growth. As such, investors across Compound’s lending, staking, and liquidity pools found it worthy enough to pull in more funds in the last thirty days.

Source: DeFi Llama

Per its price, COMP’s performance differed slightly from the TVL position. At press time, the lending-protocol token was trading at $54.60. This price was a 1.58% decline in the last 24 hours based on CoinMarketCap data.

Over a year ago, COMP’s All-Time High (ATH) was $910.54, and trading at the current price might not be something investors would be glad about. 

However, the crypto market sentiment has been struggling with building concrete bull signals. Hence, COMP investors might need to stay patient before a rise can be expected.