Bitcoin Forum

The hype around the COMP token was real, skyrocketing the prize to insane hights. Now the hype seems to flatten out and the chart shows a 50% decrease of the ATH at this point. Certainly, it´s still high compared to its initial price. What do you guys think? Here an article with a summary: https://cryptoslate.com/defis-compound-comp-has-crashed-50-in-two-weeks-and-it-may-drop-further/   Is i really poised to collapse?

Not long ago in 2020, history said that COMP had occupied the lowest price of around $ 61 USD. On June 18, 2020, now on July 6, 2020, it was still trading at $ 197 USD, and traded 53 exchanges throughout the world, with a total supply of 10,000,000 COMP.

I see COMP, has a very good trading volume for now, for example: in one market Vol 24h: 220.3 COMP, because not only COMP coin has decreased, almost the average coin is still falling, various factors areinfluence it.

Conclusion: if the COMP coin, you believe, will go down, in my opinion not too conspicuous at least at the level: $ 140 USD, it's the lowest price this year, it won't touch to the level: $ 61.
If you observe again COMP has a price at the level of: $ 381 USD, this is a sign forward, COMP can pick up prices at the level: $ 381 more likely, if viewed from the market, volume and supply of COMP circulating in the market.
Now it's up to you to decide whether COMP is down or up, investment or not.

It really pump too quickly i guess, if it had moved along creating support, resistance and accumulation levels then surely it would have been considered real organic growth but yes due to extreme hype and fomo it just gone up like a straight line and such price increases have to face reversal or big corrections, although it is going down but i hopeit will find support in coming days and consolidate there as supply is low we can expect comp price to stay in decent range also depends on actual demand and use of their platform.

Its kinda too late for me to invest in this project because the price is way too high, the use case is interesting but better than BNB token in value? I think this project is based on huge hype, I will only invest when huge dump happens

be careful when Fomo comes in it will become a bubble, learn with the rise of Bitcoin during 2017,
now the Defi project is becoming a Fomo, so Comp is also affected

I admitted that I am late to join that party, but I think that token will go down because the coin is at a high price. We know that if the coin can touch the highest price, sooner or later, the price will go down, and sometimes, the price will drop significantly and hard to increase. I think I will wait for more, and if I can see the price is down deeper, maybe I will prepare my time to buy that project, or I will wait for more to find the right time to buy the token.

I believe if it will be going back to the initial price. compound is an overrated and overvalued coin. The chart will be bearish for long term and I guess you will see people will lose their hype in compound platforms.

I believe that there was no exception, just like any other cryptocurrencies in the market that has widely influenced by hype, COMP token price is destined to dip slowly, thats why we can expect the (COMP) token price to drop sooner or later. Based on the COMP token trading price today, It was traded at $190 to $178 and it's noticeable that it's almost half from its all-time high price at $381.89 way back on June 21, 2020, the unprecedented rise of COMP token price in a short period, is not normal thats why it was subjected for correction. just watch!

The Defi project all experienced Pump and Dump, not just COMP,
Pump COMP was also caused by news from Coinbase, and it really caused COMP to rise high.

It's just like the rest of the altcoin. As the hype was created, prices skyrocketed. But due to this kind of sudden hype, the pumped coins do not stay stable for long, they can make a big dump at any time. Because I've seen a lot of expensive coins crash before. A large part of the total supply of these coins is still held by the team, which is not really a good thing. They can play with retail investors at any time. This has been done many times by teams of different coins and many exchanges have helped them.

So I think it's better to be wary of these coins now. This coin can go anywhere in the market at any time but is more likely to go down. From what I think, the price of this coin is much higher according to the supply. So the chances of staying at such a high price for a long time seem very low to me.

Does someone know one fo the usualy suspects, like Pompliano, about pushing that project to the moon? I just wonder who made the most money with that project, if the price decreases to a single digit it definately won´t be people from the project itself since I assume they have a holding period that isn´t over yet

No one can answer your questions, anything is possible on the cryptocurrency market.
However, I think that now is not a good time to invest in COMP project, it seems to be being pumped too high compared to the actual price. It is very easy for you to get involved in FOMO if you invest in COMP at the present time.

You answered his question, you should not invest in it because the current price has been inflated too high. BTW if you still want to invest in it, wait for the price to drop a bit more and buy them

I think FOMO hit really hard on COMP that's the reason we saw a crazy hight price on COMP and now we are in the correction phase and I think that it will even dip below 150 at least for now that's my entry target.

Crypto personalities are known and common to have that influence in the community. Whenever they say something good or bad with a project, they mostly affect it in both ways.
Those people that have bought at the lowest price are usually the ones who are earning from this. But if it's not the investors you are asking then it's always the developers.

Im putting an entry target even lower than you.

It looks like the hype is starting to go out from the market and comp was gradually dumped by the holders as the price has been driving down to the bottom and it has been loosing 50% from its ATH

The surge is very huge its like only days before they even reached 300+ price. For a new project that is very impressive indeed however that atttibuted to hype cause the chart does not fluctuate according to its movement and its so volatile. If your a trader who loves technical this is not a good example or project to begin with if your a beginner. No stability and worse, the price move as if someone is manipulating it. I am not saying the project is bad but actually good rhe market details are the one I really dont like.

It's insane how COMP keeps surging, I don't think the surge is finally over, the project use case is a very useful one and if you don't get in when price dumps or correction takes place it might be too late, it's no doubt that this is the best DeFi project at the moment, the team plays a vital role here and they keep listing on top exchanges

 It surely did. And if that token pumped huge suddenly, isn't we should become cautious about this? A bullish action of particular coin seems their idea to attract more investors. Isn't the idea behind of pump and dump teams? Well, I do not want to judge this coin but some analysts have their opinion in this;
 
 
 Those who wanted to invest on this can further wait for that "dump" and "fall".

The fomo was too much I think, as the price increase was massive within a short period of time all thanks to DeFi, but now just like other projects which also had this type of growth and later readjusted, COMP is now experiencing same. Therefore it can be seen that, no matter the hype behind a project, it will surely get to a time where all will be clear hence one should be careful of fomo as some price attained by some projects might not be reached again throughout the life cycle of that project. I am not saying this will be the fate of COMP, as it is a good project and might later surge in price again but rather I am only saying this from what I have seen in other projects.
Lastly, about collapse, all I can say is, good projects do not collapse.

I think that it is a very good project, the listing on Coinbase helped it to be knowed. Now the hype is flatted but I think that with the new updates about the project there will be a new hype and pump

classic overhyped coin, when the hype dies out it will crash so hard it will rarely reach the ATH again in near time. Whether it's a pump and dump definitely relative to each person but in my opinion, it's just following the same pattern as anycoin that got hyped in the past and will probably continue to surge from now on but that's just my opinion.

Yes, investing in COMP at the present time is not a wise decision. This project will continue to be discounted in the near future, just wait a while longer.

We can't really know for sure who are the people behind pumping this project and making huge money. As far as I know Pompliano is an advocate of bitcoin, so not sure if he also deals with other altcoins.

I thought that the pump is done already though? But it looks like it somewhat maintain the price just < $200 and it is still giving a good ROI based on coinmarketcap. But it looks like the community is still divided, others see this COMP as just pure hype and pump and dump, while there are who believed that this is a good coin to invest long term. But I will sided on that this is just a hype and pump and dump, sorry to burst the bubble for others.

honestly I have just heard about the coin COMP and even late to take part in it when prices were low at the time, but pumps like this usually won't last long, if you want to invest at a high price I don't think it's the right time. but it all depends on your own decision.

So why don't you try short COMP on Binance. Its current price is too high compared to the original price, so I think the right thing to do now is to wait for its price to rise and we are short. I made money with it this way.