Compound (COMP), a leading player in the decentralized finance (DeFi) sector, has encountered a significant setback, witnessing a 20% decline in its price over the past week. The downward trend continued with a 3.06% decrease in the last 24 hours and an additional 0.79% shrinkage in the most recent hour, placing the current price at $55.62 per COMP. Moreover, COMP is now 93.90% below its all-time high of $911.20, a substantial drop from its previous peak.
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Challenges Ahead For Compound
Currently priced at $56.69, Compound (COMP) holds the 85th spot among all cryptocurrencies based on market capitalization. With 7,792,894 COMP tokens in circulation, the token’s total market capitalization amounts to $440,641,903. The current rankings and market performance indicate that COMP faces significant challenges amid recent market conditions.
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