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Key Notes
- COMP rose 85% after its listing on Upbit but quickly retraced to $50.87.
- The new trading pairs are expected to boost liquidity from South Korea’s DeFi market.
- Allegations of founder Robert Leshner selling 50,000 COMP tokens via Galaxy Digital surfaced amid the price swings.
The price of Compound’s native token, COMP $49.96 24h volatility: 28.7% Market cap: $448.21 M Vol. 24h: $372.21 M , increased by 85% within minutes after South Korean exchange Upbit announced its listing on Tuesday. However, the hype is now fading as the token quickly retraced, trading around $50.87 at the time of writing.
The new trading pairs–COMP/KRW, COMP/BTC, and COMP/USDT–are expected to bring major liquidity from South Korea’s growing DeFi market.
Upbit introduced temporary transaction restrictions to stabilize the market, including a five-minute buy limit, a -10% lowest selling threshold compared to the previous closing price, and limitations on order types.
Founder Allegedly Offloads 50,000 COMP Tokens
COMP also recorded a price jump from $40 to $75 earlier on Tuesday. However, the current retracement comes as reports alleging that Compound’s founder, Robert Leshner, sold 50,000 COMP tokens through Galaxy Digital, surfaced.
Blockchain tracking account ai_9684xtpa revealed that Leshner moved the tokens, valued at around $3.19 million, back to Binance after they were initially transferred to Galaxy Digital on March 12, when they were worth $2.03 million.
Compound 创始人 Robert Leshner(@rleshner) 疑似正通过 Galaxy Digital 抛售价值 5 万枚 $COMP ，价值 319 万美元🧐
这笔代币是 Robert Leshner 三周前（03.12）转移至 Galaxy 处的，当时仅价值 203 万美元，或委托其进行出售，半小时前代币已全部充值进 #Binance；今天受上线 Upbit 消息利好，$COMP… pic.twitter.com/2MErOYPkFD
— Ai 姨 (@ai_9684xtpa) April 1, 2025
The timing of the sale has raised questions, as the tokens were potentially entrusted to Galaxy for liquidation before Upbit’s listing announcement. While there is no official confirmation from Leshner, the news has fueled speculation about insider activity.
COMP Price Outlook
On the daily chart of COMP/USDT, the RSI sits at 62, suggesting bullish momentum. However, keep in mind that the indicator is nearing overbought territory (70), which could lead to a pullback if buying pressure weakens.
Source: TradingView
The Bollinger Bands indicate volatility, with the price currently near the middle band ($48.18). A breakout above the upper band at $51.55 could signal further upside. A sustained upward motion could target $60 in the near future.
On the other hand, a drop below the $48.18 may pull the token further downward to $37 zone, lying around the lower band.
Meanwhile, the MACD shows a bullish crossover with the histogram turning positive (0.76). However, the signal line remains negative, indicating cautious optimism.
Source: TradingView
As COMP remains volatile, investors will closely watch Leshner’s potential response to the allegations.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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