Compound Governance Token (COMP), the native token to the popular decentralized finance (DeFi) protocol Compound, has suffered heavy losses after its meteoric first day of trading on Coinbase.
After trading as high as $427 on Coinbase Pro on Tuesday, COMP has fallen back below $250 within 8 hours of the local high. With less than one-quarter of COMP’s entire supply currently circulating, the aggressive price swings were driven by relatively thin volume — posting $24.5 million in trade over the past 24 hours.