June 23 at the largest American cryptocurrency exchange Coinbase began trading in the token of today's leading DeFi project Compound. Soon after, there was a serious dump of the COMP price.
The chart shows that COMP trades opened above $ 400, but then the price fell below $ 250.
Then quotes jumped to almost $ 300, but soon continued to fall. At the time of writing, the token is being traded at $ 193.
Galois Capital experts suggested that one of the early investors could take advantage of the hype around COMP, which was growing rapidly in anticipation of the listing on Coinbase.</p>
Analysts recorded 25 translations for 2000 COMPon exchange wallets against the background of the opening of trading. The company does not exclude that Bain Capital or Coinbase Ventures could be behind them. Coins could be transferred for subsequent sale at a relatively high price.
Also, according to experts, from 25,000 to 87,500 COMP coins can remain on the wallet of the sender of multiple transactions.
“Probably a signal of short-term selling pressure,” Galois Capital said.
Recall that soon after the release of COMP, the Compound project overtook MakerDAO and became the leading DeFi protocol at the cost of blocked funds.
Earlier, Messari analysts concluded that the effect of listing digital assets on Coinbase Pro is significantly overestimated.