The San Francisco-based crypto exchange, Coinbase, has issued out a blog post on Thursday. This post stated that the COMP Token, the governance token of the Compound DeFi network, will be listed on Coinbase.com’s retail trading platform. Furthermore, it will be listed within the iOS and Android Apps of Coinbase, as well.
As Bullish As Bullish Can Get
According to the exchange, the customers of Coinbase will now be capable of buying, selling, sending, receiving, as well as converting or otherwise storing the COMP governance token. Coinbase explained that it will be made available to all regions that hold Coinbase support, excluding that of the State of New York, which has always been far more strict with crypto.
COMP was initially listed within the professional trading platform of the exchange, Coinbase Pro. This listing was established on Monday this week, making this expansion from professional to retail trading one of the fastest listings within Coinbase’s history following the launch of a digital asset itself.
Massive Token Value Changes
As one would imagine, this apparent hype by Coinbase for COMP has affected the price. Initially, the coin had winded down from the hype that occurred on Monday, suffering a sharp drop on Tuesday, before suddenly shooting back up 20% after the news hit.
Just prior to the latest announcement by Coinbase, the taken had reached a trading level of just above $210, which is down 40% from where the coin originally started this week, at about $350. At the time of writing, however, the COMP token is trading just above $250.
Something That Caught The World’s Eye
COMP has recently been making significant headlines ever since its launch, just under two weeks ago. The coin has experienced a triple-figure rally in just those two weeks, with the initial listing price being only $80 on the Monday of the 15th of June. COMP managed to break past the $100 mark just that Thursday, before once again doubling that price in only 24 hours’ time.
Tony Sheng stands as a principal at Multicoin Capital and commented on the matter at large within a blog post. He stated that COMP’s relatively large Perpetual Swap market size made it profitable to purchase some of that Perp, then buying in the spot market. Should you purchase with a large enough scale to shift the price, the Perp itself will have its gains amplified, all the while having its shorts squeezed.