The $COMP token is mainly used to participate in the voting for the formulation of platform rules on the Compound platform. At the same time, users can also earn it as a reward when engaging in lending activities on the platform.
Recently, I have been studying the Comp token in the DeFi sector. Today, I opened the market and just happened to see that Comp is in a volume expansion phase. This phenomenon indicates to seasoned investors that it is likely to rise, so Mengke directly notified fans to go long!
Reasons to go long: 👇
1. The Compound team has stored 250,000 COMP in Coinbase Prime and has redeemed a lot from Compound V3. This operation is quite significant and may attract more attention to COMP.
2. Someone transferred 3,000 ETH from Kraken and deposited it into Aave and Compound to borrow 3 million USDC. COMP is quite popular in the lending market.
3. In the Upbit 24-hour spot trading volume rankings, COMP ranks behind XRP and BTC, indicating active trading and that many people are interested in it.
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