Surprise Binance listings earn resulted in a sudden 25% spike in the price of Compound’s Governance Token.
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The price of the Compound Governance Token (COMP) has jumped by one-quarter on recordsdata of a shock itemizing on leading cryptocurrency exchange Binance.
COMP tokens started procuring and selling approximately one week ago, like a flash making triple-resolve gains and attracting tens of millions in exchange quantity. Binance acknowledged that it did no longer build a itemizing price for introducing the pairings.
COMP spikes 25% in 5 minutes on Poloniex
On June 25, Binance introduced that it can perhaps well record pairings for COMP one hour earlier than they went are living, spiking the token’s build by roughly 24.5% from $210 to $260 in 5 minutes on Poloniex.
COMP/USDT on Poloniex, 5-min chart: TradingView
Nonetheless, the circulation modified into far more unhurried on the leading U.S.-based exchange Coinbase, which saw COMP originate 24.5% over the direction of 30 mins.
COMP/USD on Coinbase, 5-min chart: TradingView
Costs earn since retraced 10%, with COMP altering hands for roughly $230 as of press time. COMP currently comprises the 24th-largest crypto asset by market cap.
DeFi tokens pump and dump
Decentralized finance (DeFi) tokens earn lately seen significant volatility, with COMP’s triple-resolve gains and subsequent 40% wreck setting the tone for the launch of Balancer’s governance token BAL.
MakerDAO’s Maker (MKR) token has moreover produced significant build action over the last month, gaining 100% from $360 to $720 earlier than like a flash crashing support to the mid-400’s.
MKR/USD on Bitfinex, 1D chart: TradingView