South Korean crypto exchange Upbit has made a striking announcement, catapulting the Compound (COMP) token’s price by an impressive 70% in a single day. In a recent development, the exchange revealed the addition of Compound to the Upbit KRW market. This groundbreaking announcement has significantly impacted the Compound price, with the token now reaching a three-month high.
Upbit Adds COMP, Compound Price Skyrockets
In a stunning revelation, Upbit, a prominent crypto exchange, unveiled the addition of the Compound token to the Korean crypto market, effective April 1, 2025. As per the announcement, deposits and withdrawals of the Compound token will be supported only through the Ethereum network.
Upbit’s announcement has sent shockwaves through the crypto market, significantly impacting trader sentiment. A notable increase of 764% in COMP’s trading volume highlights the positive momentum building around the token.
Interestingly, Upbit has decided to add COMP to its trading platform amid the South Korean regulator’s increased scrutiny over the platform. In response, Upbit filed an appeal against the FIU, seeking to overturn the business suspension order.
Notably, the Compound price has been fluctuating between $40 and $45 over the past week. However, following Upbit’s announcement, COMP surged to a three-month high of $71.04, marking more than a 70% uptick.
How Will Upbit’s Decision Impact the Crypto Market?
Upbit’s addition of COMP is poised to attract more traders and investors, thus increasing trading volume and liquidity in the market. This development comes against the backdrop of South Korea’s increased scrutiny over the crypto space. Recently, Google has banned 17 crypto exchanges, including some major players.
Significantly, Upbit’s decision to list the Compound token could influence the overall crypto market. The availability of COMP in the Korean crypto market could lead to increased adoption and growth.
In addition, the surge in the Compound price is a reflection of the growing interest in decentralized finance (DeFi). It also signifies the potential for COMP to play a major role in the broader crypto space.
Compound Founder Suspected of 50,000 COMP Dump
Amidst the Compound price’s significant uptrend, the platform founder Robert Leshner is suspected of selling 50,000 COMP, worth $3.09 million, through Galaxy Digital. The tokens were transferred to Galaxy three weeks ago, with an initial value of $2.03 million, suggesting they may have been entrusted for sale.
Is Compound Price Marking a Turnaround?
As of press time, the Compound price is trading at $56.88, up by 35% over the past 24 hours. The token has recorded notable gains of 15% and 3% over the past week and month, respectively. With a 24-hour trading volume of $246.59 million and a market cap of $451.45 million, COMP has secured its position in the top 100 crypto assets.
Analyst Moralis acknowledged the Upbit listing’s impact on Compound as the token’s comeback. Driven by the current positive sentiment, analysts and traders remain optimistic about COMP’s bullish future.
The post Here’s Why Compound (COMP) Price Is Up 70% Today appeared first on CoinGape.
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