![]() Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. We may receive financial compensation from these third parties. Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. On the flip side, a drop below the support at $58.83 will point to further downside. If this happens, the token will likely retest the resistance level at $70. Therefore, I suspect that the COMP price will have a relief rally in the next few days as investors buy the dip. It has also moved below the 25-period and 50-period moving averages while the Relative Strength Index (RSI) approached the oversold level. On the 4H chart, the pair is hovering slightly above this support level. ![]() Compound price predictionĬOMP token price has come under intense pressure in the past few weeks after it peaked at $85.80 in July. The ongoing meltdown is happening at a time when many regulators are working hard to put guardrails in the DeFi industry. As such, as we saw during the collapse of Lehman Brothers, other similar DeFi players will be affected. It is also widely used by thousands of people every day. At the same time, Justin Sun purchased CRV tokens worth over $2.3 million in a bid to save the company.Ī collapse of Curve Finance would have a major impact in the DeFi industry since it is one of the biggest players. ![]() For example, he sold LDO, the native token for Lido Finance in several batches of between $10,000 and $50,000. Therefore, there is a likelihood that the industry could go through its biggest crisis this year.Įgorov has been boosting his financial position. For example, he borrowed $32 million of FRAX tokens and $63 million worth of Tether on Aave. He holds CRV tokens worth over $168 million tokens securing loans across multiple protocols like AAVE and Frax Share.Įgorov has borrowed heavily using CRV tokens as security. Now, there are concerns about the entire DeFi industrya after it emerged that Curve’s founder, Michael Egorov’s tokens worth over $168 million were at risk of liquidation. On Monday, the developers announced that hackers had managed to steal over $100 million worth of tokens in the ecosystem. The biggest crypto story of the week was on a major hack that happened in Curve DAO, one of the biggest players in DeFi with over $2 billion in assets. Other tokens like Curve’s CRV and Frax Share’s (FXS) tokens fell by over 5%. Compound’s COMP token retreated by more than 14% while AAVE fell by over 9.4%. DeFi tokens remained under intense pressure on Tuesday as investors reacted to the latest hack on Curve DAO, the tenth biggest protocol in the industry.
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