Compound Token Surges 70% After Upbit Listing

South Korean crypto exchange Upbit has announced the addition of the Compound (COMP) token to its KRW market, resulting in a 70% surge in the token's price. This development has significantly impacted the Compound price, pushing it to a three-month high. The exchange revealed that deposits and withdrawals of the Compound token will be supported only through the Ethereum network, effective April 1, 2025.

Upbit's decision to list COMP has sent shockwaves through the crypto market, with a notable increase in COMP’s trading volume highlighting the positive momentum building around the token. This move comes amidst increased scrutiny from South Korean regulators, with Upbit filing an appeal against the FIU to overturn a business suspension order.

Prior to the announcement, the Compound price had been fluctuating between $40 and $45 over the past week. Following Upbit’s revelation, COMP surged to a three-month high of $71.04, marking more than a 70% uptick. This surge reflects the growing interest in decentralized finance (DeFi) and the potential for COMP to play a major role in the broader crypto space.

Upbit’s addition of COMP is expected to attract more traders and investors, increasing trading volume and liquidity in the market. This development could influence the overall crypto market, leading to increased adoption and growth. The availability of COMP in the Korean crypto market is a significant step forward for the token, which has seen notable gains over the past week and month.

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. This development adds an element of uncertainty to the market, as traders and investors assess the potential impact on COMP’s price.

As of the latest update, 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 market cap of $451.45 million, COMP has secured its position in the top 100 crypto assets. Analysts remain optimistic about COMP’s bullish future, driven by the current positive sentiment surrounding the token’s comeback.