The new and for many surprising Binance COMP listing has helped Compound’s Governance Token to lead the way in the daily gains, posting a quick 25% surge. COMP has jumped by one quarter following the Binance news that showed the cryptocurrency is now part of the exchange’s offering.
For those of you who don’t know, the Binance COMP listing was launched one week ago, when the coin quickly made triple-figure gains and attracted millions in trade volume. Binance also shared that it did not charge a listing fee for introducing the new pairings.
As of press time, Binance supports pairings between the COMP token and Bitcoin (BTC), COMP and Tether (USDT), COMP and Binance Coin (BNB), as well as COMP against BinanceUSD (BUSD).
On June 25, the exchange announced that it would list pairings for COMP one hour before they went live. This is what spiked the price of the coin by roughly 24.5% – posting gains of 24.5% to go from $210 to $260 in five minutes on the Poloniex exchange.
The altcoin news also showed that this move was much more gradual on the US-based exchange Coinbase. The Coinbase news showed that the new Binance COMP listing made a surge of 24.% on the exchange in only 30 minutes.
Since then, the prices of Compound COMP have retraced by more than 10% and the coin is now changing hands for roughly $224, being the 24th largest coin by market cap.
The new Binance COMP listing definitely triggered this run. What is also important to note is that decentralized finance (DeFi) tokens have recently seen significant volatility, with COMP and its triple-figure gains and subsequent 40% crash setting the tone for the launch of Balancer and its governance token BAL.
As you may know from the altcoin news, Balancer (BAL) posted a 235% gain in only one day yesterday after its first day of trading, before plummeting by 40%. That being said, we can definitely conclude that there is a massive spike in the prices of DeFi tokens which may end soon or continue, according to analysts covering the cryptocurrency price updates.
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