Compound Coin (COMP) jumped by 25% after a surprise listing by giant crypto exchange, Binance.
Binance announced on Thursday, June 25, on its website that from 6 am (UTC), it would make four COMP pairs available for trade. They include COMP/BNB, COMP/BTC, COMP/BUSD, and COMP/USDT. As a welcome package, Binance has no listing fee for the stated pairs.
Binance’s announcement propelled COMP’s price from $210 to $260 in just five minutes on US-based crypto exchange, Poloniex. The boost represented a 24.5% increase in the coin’s price. Across the country on Coinbase, the same gain was spread out to a 30-minute window.
The excitement caused by the announcement has since died down. As at press time, COMP is trading at $205. Regardless, it has been an interesting week for COMP in general. For instance, on June 23, Coinbase Pro listed the coin driving its price as high as $427. However, it lost almost 40% of its value within just a few hours of its listing.
Balancer’s governance token (BAL) also experienced the same high volatility of Decentralized Finance (DeFi) tokens such as COMP did. On the day of its listing, it rose sharply by a whopping 235% only to crash by 40% within hours.
The same rise and fall happened to MakerDAO’s Maker (MKR) token.
Image credits: Pixabay