The native token of decentralized finance (DeFi) protocol Compound (COMP) has surged by more than 50% in four days following a spike in volume and outflows on Binance. COMP was trading at $45.98 at press time, doubling in value from its June 10 low of $22.89 and rising by 51.4% since Sunday, according to TradingView data. Blockchain sleuth Lookonchain noted that one particular wallet deposited $3.5 million worth of tether (USDT) to Binance on June 26 before withdrawing 50,000 COMP tokens ($2.26 million) on Wednesday. The inflow of stablecoins and outflow of compound tokens indicates that this particular wallet has been steadily accumulating the DeFi token.
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