COMP RALLIED 23 PERCENT AND THE PROTOCOL DID NOT COME WITH IT
Something is off here and I am not going to dress it up
$COMP jumped 23 percent in 24 hours to about 26 dollars on October 20
It kept beating both $BTC and $ETH across the seven day and 28 day windows too
Volume hit about 115 million dollars and nearly two fifths of it flowed through decentralized exchanges
No governance vote
No partnership
No announcement
Nothing in the tape explains it
Meanwhile Compound itself is not moving with the token
Total value locked sits near one and a half billion dollars and it is down almost 9 percent since September 21
Barely 441 addresses were active on the protocol yesterday
The lending business is flat while the governance token is vertical
And the backdrop is messy
Proposal 612 passed with about two million votes to about one million and it was canceled on October 7
One delegate accused the Foundation of converting eight and a half million DAI into around 345 thousand $COMP to sway treasury control
No response yet
My take as an analyst
When price runs and usage does not you are watching liquidity chase a story and not a story pulling in liquidity
That setup usually ends one way
Here is what kills this read
If deposits start climbing again and $COMP holds above 29 dollars then the decoupling narrative is dead and I am wrong in public
Is this the beginning of a DeFi rerun or a liquidity chase that reverses the moment sentiment cools?
$COMP $BTC
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #COMPDivergence
Something is off here and I am not going to dress it up
$COMP jumped 23 percent in 24 hours to about 26 dollars on October 20
It kept beating both $BTC and $ETH across the seven day and 28 day windows too
Volume hit about 115 million dollars and nearly two fifths of it flowed through decentralized exchanges
No governance vote
No partnership
No announcement
Nothing in the tape explains it
Meanwhile Compound itself is not moving with the token
Total value locked sits near one and a half billion dollars and it is down almost 9 percent since September 21
Barely 441 addresses were active on the protocol yesterday
The lending business is flat while the governance token is vertical
And the backdrop is messy
Proposal 612 passed with about two million votes to about one million and it was canceled on October 7
One delegate accused the Foundation of converting eight and a half million DAI into around 345 thousand $COMP to sway treasury control
No response yet
My take as an analyst
When price runs and usage does not you are watching liquidity chase a story and not a story pulling in liquidity
That setup usually ends one way
Here is what kills this read
If deposits start climbing again and $COMP holds above 29 dollars then the decoupling narrative is dead and I am wrong in public
Is this the beginning of a DeFi rerun or a liquidity chase that reverses the moment sentiment cools?
$COMP $BTC
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #COMPDivergence
