Learn more about the pros and cons of investing in Compound pushing you ahead to know if it is a good idea to invest in Compound.
Compound may be the missing digital asset on your portfolio of investments. In this article, we are going to take a look at why you might consider investing in Compound, the pros and cons, and what exactly to look for.
Before investing in Compound, you must understand the areas of business of the protocol. This will help you understand what you are putting your money into. Investing in Compound without doing independent research increases your chances of seeing irrecoverable losses in the future.
First and foremost, COMP is not the mainstream cryptocurrency you are used to. Instead, it offers something unique from other digital assets.
Compound, unlike Bitcoin, Uniswap, or Binance, is an entirely new protocol that allows lending and borrowing without intermediaries.
While this presents a great opportunity for investments, you must know what Compound is. What is the primary purpose of Compound? What are the potential flags to look out for to know if investing in Compound is a good idea? Several factors need to be considered since no crypto trading asset is perfect.
- What is Compound?
- PROS of Investing in Compound
- CONS of Investing in Compound
- Where Can I Buy Compound / How to Invest in Compound?
- Will Compound Be A Millionaire-Maker?
- Is Compound a Good Investment?
What Is Compound?
Compound is a decentralized finance lending protocol that enables users to earn interest on cryptocurrencies. This happens when users deposit COMP tokens into several pools supported by the platform. Compound was co-founded by Geoffrey Hayes and Robert Leshner in 2017. Robert Leshner has been extremely active in the continuous development of Compound in the blockchain technology space. This is the main reason why he is the face of the project and news content on the lending DAPP constantly cites him as the founder of the protocol.
Compound effectively exists as three separate but interconnected things.
- The Compound Network - An open lending protocol that allows depositors of Ethereum-supported tokens in a trustless manner to earn interest on their balance or take out a secured loan.
- COMP - It’s the novel token of the network. As a governance token, it enables changes that are suggested by holders without the involvement of the development team. COMP holders decide on making changes to the distribution of tokens, how collateralization factors should be adjusted, and which cryptocurrencies they should add support for.
- Compound Labs, Inc. - this is the software development firm behind the continuous development of the protocol.
The idea behind Compound is to simplify how lending and borrowing are made. The developers of Compound realized that a huge number of cryptocurrencies lay idle on exchange platforms with no interest at the end of milestone periods.
They then decided to solve this problem by creating a platform where users are freed from the hustle of going through a bureaucratic system in a centralized environment. Borrowing from traditional financial institutions often results in long waiting times. There is also a chance of your borrowing proposal being thrown out due to a lack of strong collateral.
Ready to invest in Compound
Compound launched its mainnet in September 2018. Since then, the protocol has garnered huge interest through total value locked. Aside from this, due to the rising popularity of decentralized finance, thousands of users patronize the platform daily to either borrow or make funds available for deposits.
Several crypto experts and traditional financial analysts believe Compound and other decentralized lending platforms such as Aave and Maker have the potential to replace commercial banks in the future due to their secure, standardized, and reliable decentralized network.
So, to help you make an informed decision about your next market move, here are the pros and cons of investing in Compound.
Trading Education has conducted an extensive study into the entirety of Compound. You are at the right place if you want to know the pros and cons of investing in Compound. Moreover, there are answers which can help you with the question, is Compound a good investment?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
PROS Of Investing In Compound
What are the benefits of investing in Compound?
There are several crypto analysts and speculators that believe Compound has a bright future. Most of them think investing in Compound is one of the best decisions you can ever make. What are the price drivers behind such projections? Let us take a look at the pros of investing in Compound which will help you decide if COMP is a good investment.
✅ Distribution of COMP Will Trigger Scarcity Sooner Rather Than Later
As per how the distribution of COMP works, “New COMP will be awarded every day to users of the protocol, based on usage.” Rewards will be given to lenders and borrowers. Aside from this, the new COMP will be given at every block.
That is, approximately 2,800 COMP will be released to users of the protocol daily. 1,400 COMP coins each go to borrowers and suppliers of assets. Unlike other cryptocurrency projects that have set up billions of its novel tokens in the market, COMP like several decentralized applications has a total and maximum supply of 10,000,000.
Currently, the circulating supply of COMP stands at 6,522,795.17. This is represented by 65%. Using simple mathematics, there are 35% of COMP tokens up for grabs. In reality, there is only 2% of COMP left on the market since 33% of the tokens are held by founders, shareholders, and the Compound team. Even with this, half is subject to a 4-year vesting period.
According to Investopedia, "Vesting is a legal term that means to give or earn a right to a present or future payment, asset, or benefit.” Based on the statistics provided, COMP is almost on the verge of scarcity.
According to iresearchnet.com, “The scarcity principle has the potential to make something good seem great, and something undesirable seems desirable. The belief that one may miss out on a fabulous opportunity creates a sense of urgency, leading individuals to make emotional, rather than rational, decisions.” The scarcity COMP is about to fall into explains its $7.83 billion in Total Value Locked. Once COMP reaches a state where buyers face many holders who have a relatively higher selling price, they wouldn’t have any option but to invest in COMP. High investor interest could see the crypto trading asset soar to price milestones above its all-time high price of $911.20 recorded on Wednesday, 12th May 2021.
FX Leaders have weighed in on the potential of Compound in such a saturated market. According to analyst Skerdian Meta, COMP could command a price range of $200 to $375 by mid-2022. Such valuation will be buoyed by COVID-19, favourable technical indicators, and positive crypto market sentiment.
The financial portal that covers cryptocurrencies estimates Compound to have a price of $375 to $650 by the year’s end of 2022.
The primary drivers behind such projection are recovery from COVID-19, central banks, USD reversal, and Compound's position in the decentralized finance (DeFi) market. FX Leaders foresees COMP trade in the range of $650 to $1,000 in the next 2 years based on tighter monetary policies. Investing in COMP at its current trading price of $119.18 could see you walk away with at least 67.81% returns on your investment.
✅ Compound Has Seen Improvements in Total Value Locked
Compound has seen a huge rise in the funds that have been locked into the protocol for lending purposes. It may come as a surprise to you that as of 26th October 2018, the total value locked (TVL) in COMP stood at $93,223. This increased to $14 million by the end of 2018. By the end of July 2019, TVL stood at $95.9 million and this figure was maintained to close out 2019.
At the start of January 2020, COMP had crossed the $100 million milestones in terms of TVL. COMP tested the $155 million barriers in February and spiked to $564.931 million by June. Due to renewed interest in the months leading up to the end of the year from sophisticated and unsophisticated investors, TVL settled at $1.055 billion on 31st October 2020.
Led by the crypto boom led by Bitcoin which saw the parent crypto cross $30,000 for the first time, COMP also benefitted with a TVL of $1.928 billion on 31st December 2020. Compound had a TVL of $7.821 billion by the end of the 1st quarter of 2021. COMP's TVL reached an all-time high of $11.7 billion on 11th May 2021.
According to research firm Messari, when the amount locked is increasing, this shows that the protocol is being used for the purpose which was it is intended. If the crypto boom of 2021 continues towards the end of the year, there would be an increment in the value locked in COMP.
This is the main reason why the Coin Price Forecast has weighed in on the future of COMP with bullish predictions. According to the experts, Compound could have a trading price of $183 by the end of 2022. The forecasting portal for cryptocurrencies further predicts $193 by June and increase to $180 by the close of 2023, $227 (2024) and $285 (2025). In the long term, Coin Price Forecast projects Compound to trade at $361 (2027), $360 (2031) and $390 (2032).
Read Also: Is It Worth Investing in Compound?
✅ The Rise in the Popularity of Decentralized Lending and Decentralized Finance as a whole
Although Bitcoin controls cryptocurrencies and the possibilities of blockchain technology that has brought forth Compound, COMP also follows price patterns of other decentralized applications. According to research conducted by Binance (Global Crypto User Index 2021), there are more users of decentralized finance than before.
Due to infinitesimal interest rates being given by centralized financial institutions, thousands of people have opted for decentralized lending platforms such as Compound. They can lend huge sums of money through COMP and receive a relatively better return at the end of the year.
Aside from this, the growth of decentralized exchanges (DEX) led by Uniswap, Sushiswap & PancakeSwap, yield aggregation through Yearn Finance as well as other DAPPS has bolstered COMPs price by being a part of DAPPS.
With $92.36 billion as total value locked in decentralized finance (DeFi), there is a huge growth potential for all DAPPS including Compound. This is the primary reason why many analysts have opined that there would be an increase in the number of DAPP users once millions of people are educated about the possibilities of decentralized finance. Currently, only 2% of the world’s population has crypto wallets.
COMP will trade for a relatively higher price in the future according to Digital Coin Price. As per the projection by the experts, Compound could command a trading price of $156.21 by the end of 2022, $180.77 (2023), $197.82 (2024), and will be trading for a coin at $275.61 by the year’s end of 2025. The crypto news and prediction portal estimates COMP to trade at $262.71 (2026), $336.97 (2027) and $374.47 (2028).
✅ Compound Provides Access to DeFi Bitcoin
It is known across the entire blockchain space that Bitcoin performs a layer 1 function as a transactional currency. Compound makes it possible to utilize Bitcoin in the decentralized finance (DeFi) environment. But how does Bitcoin gain access to the decentralized finance environment? This is accomplished with the introduction of Wrapped Bitcoin (WBTC).
As an ERC20 token, Wrapped Bitcoin is locked Bitcoin. This new token enables long-term holders of Bitcoin accessibility to the decentralized finance sector. In 2021, a vote made it possible for WBTC to function as collateral on the Compound protocol. With millions of BTC users, this feature gives Compound mileage in terms of the number of people who can access it and use it.
Since COMP powers the lending protocol, interest on the capital has to be paid in the form of the novel token. This brings huge liquidity to the digital asset. Once liquidity pours through, trading volume increases and results positively in the market capitalization of the digital asset.
Don't Miss: What Top 10 DeFi Cryptocurrencies To Invest In
✅ Improvement in Trading Volumes
According to data retrieved from CoinMarketCap, COMP appeared on cryptocurrency exchanges on 16th June 2020 at a trading price of $101.65 and recorded a trading volume of $25,790. It closed in June with a trading volume of $132 million. Compound had a trading volume of $153 million and a market capitalization of $661 million on 31st December 2020. In the space of 6 months, there was a 593,153% increase in volumes. This represents huge investments by investors. COMP opened and closed 1st January 2021 with a trading volume of $176 million and reached a new all-time high of $778 million on 4th February 2021. Due to bulls on Bitcoin buoyed by the announcement of Tesla listing BTC as an option of payment in March, COMP reached $858 million on 22nd April 2021 and tested $1.15 billion on 23rd April 2021.
Note: Most often when trading volume increases, the price of the corresponding cryptocurrency increases as a sign of investor confidence. When trading volume decreases, this is a sign that investors have lost confidence in the potential of the asset in the future and results in a price drop.
This is evident in the case of cryptocurrencies such as Nxt, Luckycoin, and Auroracoin that dominated the list of top digital assets globally in the early days of crypto trading. With relatively lower investor interest which reflects in trading volume, the cryptocurrencies currently trade for an insignificant amount of trending cryptocurrencies such as BTC, ETH, BNB, AAVE, MKR and, COMP command.
With at least $100 million in daily trading volume, COMP continuously sees activity that will maintain its survival and future price growth.
✅ Compound is a Secure Protocol
It would be best in your interest to know how safe the issuing authority behind the novel token you have invested in functions in terms of security. By running as an ERC20 token, Compound is secured due to the safety associated with the use of a proof-of-work (POW) algorithm blockchain.
Aside from this, the security of Compound’s network is maintained through various means. To confirm to you the extent the developers have gone to certify the network as hack-proof, Open Zeppelin and Trail of Bits have confirmed the safety of the protocol. What’s more, reputable agencies have confirmed the soundness and capability of Compound in being able to handle the demands of the network. News of a hack around Compound could take the price of its novel token COMP near extinction zones.
As an investor, you can be rest assured that users of the protocol are not going to fall into any trap soon. With their investments protected, they can continue to stake more COMP and increase the transaction counts of the cryptocurrency.
According to Gov.Capital, Compound (COMP) is going to bring huge returns to investors in the short and long term. The analysts estimate a price of $419.14 on 31st December 2022, and $1,749 (2023) in the short term. In the long term, the finance portal thinks Compound could trade for a coin at $3,424.76 by the close of 2024, $5,475.60 in 2025, and $7,844.70 2026.
Suppose the price forecast of Gov. Capital is tested, investing in Compound now could see you with a return of at least 6,482.23% by the end of 2026.
✅ Compound Can Easily Be Found Online
Investing in COMP is easy because of the digital asset being listed on all the top exchanges. In May 2021, eToro, one of the largest multi-asset exchanges, globally listed four new crypto assets to its investment platform. Decentraland, Yearn Finance, Aave, and COMP can now be purchased on eToro.
Having been in business for 15 years, eToro takes time to assess the legitimacy, authenticity, volume, volatility index, and potential of a digital asset on the market before listing.
For eToro to add COMP to these crypto trading assets means millions of users on its platform have been making demands for them. Trading on exchanges does not automatically certify a cryptocurrency as a good investment. But, it boosts the credibility of the asset.
A great example can be attributed to Ripple’s XRP. When its parent company was embroiled with a case with the Securities and Exchange Commission in the United States, it was delisted from Coinbase. The resultant effect was a plummet in the asset’s price. Compound also trades on FTX, OKEx, CoinTiger, Huobi Global, and Binance.
According to the Chief Operating Officer (COO), Jason Lau of San Francisco-based OKCoin, “Since the early days of crypto, the announcement of new companies accepting crypto payments, new exchange listings, and new major investments have been the biggest and most consistent drivers of price movement.”
With the statement by the COO under perspective, this new exchange listing will serve as one of the primary drivers of Compounds price in the months leading up to the end of the year.
CoinPedia has made bullish projections about the price of COMP in the short and long term. The crypto news and prediction website believe COMP may hit highs in the range of $1,800 and $2,200 by the year’s end of 2022. In the long term, CoinPedia foresees COMP trade in the price range of $3,000 and $3,500 by the end of 2026.
✅ Compound is highly interoperable
Interoperability is highly essential in blockchain technology. This goes a long way to help users of a particular platform transact on other blockchains in a seamless and trustless manner. Having fallen into the consensus of decentralized finance in terms of interoperability, Compound is open to being integrated with third-party assets and platforms.
The Compound Protocol enables developers to build innovative products on decentralized finance. So far, an interest-earning system for donation income, a no-loss lottery system, and several crypto wallets equipped with savings that comes with annual percentage returns (APRs) have been built on the platform.
This has allowed several projects to contribute to Compound’s vision. What’s more, seamlessly, users of the protocol can leverage third-party market management tools.
Check Out: 10 Reasons Why You Should Invest In Compound (COMP) Today
CONS Of Investing In Compound
What are the disadvantages of investing in Compound?
Despite the positives outlined in the pros section, investing in Compound has several pitfalls you must consider. Several factors can hinder the success of your investment. Let us take a look into the cons of investing in Compound which can help you decide if it is worth your investment or not.
❌ Compound Has Questions Marks around its Decentralized Status
As per information accessed on how COMP was distributed, it was concluded that 46% of COMP are held by three groups. They are the team behind the Compound protocol, founder, and outsiders behind the project (shareholders).
COMP holders decide the kind of changes that should happen on the protocol. Some of these changes are adding new assets as well as changing the model for setting a given asset’s interest rate or sunsetting an asset.
As a trader or investor of Compound, you should note that proposing a governance change will only go to a vote if 1% of the total supply COMP token holders give permissions to carry on with the process. The resultant effect is that a large portion of the voting power lay in the hands of the people who created Compound, its team as well as donors who brought the project from concept to reality. This does not reflect a protocol that thrives on its decentralized status.
A significant few can take favourable decisions for themselves which does not impact positively on the masses (users). They can control the price patterns of the cryptocurrency which may see average users with no control lose a substantial part of their investments.
This is the main reason why the Economy Forecast Agency, also known as the Long Forecast has made conservative forecasts about the price patterns of COMP despite its potential in the market. The experts believe Compound could command a trading price of $51 by the end of 2022. The crypto prediction portal foresees COMP trade for a coin at $98 by the year’s end of 2023, $140 (2024), and $82 on 31st December 2025. Although COMP will be trading at a relatively higher price than its current price of $382, the prediction is not as bold as other analysts.
❌ Compound Competes With Other Ethereum DAPPS for Market Share
We all know decentralized lending is as simple as putting your hand in your pocket and giving out money to a borrower. DAPPS and smart contracts represent intermediaries and negotiators. Several DAPPS are competing with Compound and support many assets.
One of these decentralized lending applications is Aave. At the time of writing, its novel token AAVE had a trading price of $147.02, a trading volume of $256 million, and a market capitalization of $1.9 billion in the last 24 hours. Aave Protocol supports assets such as Synthetix USD, Ox, Tether, TrueUSD, Ethereum, Chainlink, Wrapped BTC, Decentraland, Basic Attention Token, Dai, Kyber Network, Maker, USD Coin, and Augur. Aave’s Platform offers users interest rates of 0.25% and 0.09% for originating and flash loans respectively.
Another strong competitor is Maker. At the time of writing, its novel token MKR had a trading price of $1,799.80, a trading volume of $94 million, and a market capitalization of $1.7 billion. Maker supports assets such as Ethereum, Wrapped Bitcoin, USD Coin, and Basic Attention Token (BAT) holders. Maker’s platform offers users interest rates in the range of 4.6% and 9.05%.
Other competing decentralized lending applications are dYdX, InstaDApp, Dharma Protocol, bZx, KittieFight, and Mainframe. Most of these DAPPS offers depositors relatively better interest rates than Compound. This explains why COMP trades for a fraction of MKR's price. Several users may opt for other platforms and this will deplete the number of users on Compound. With reduced numbers, activity on COMP will go down, trading volumes could drop and the overall valuation of the cryptocurrency could plunge as a result.
Wallet Investor gives a very conservative prediction for Compound's future. According to the experts, COMP could command an average trading price of $16.64 by the end of 2022. The financial portal for predicting prices of assets estimates COMP to trade for an average price of $8.33 in 2023 in the short term. In the long term, Wallet Investor believes Compound could have an average trading price of $6.13 by the close of 2024, $2.25 (2025), and $0.74 on 31st December 2026.
❌ More Regulation Could Befall the Cryptocurrency Market Soon
In May 2021, the new chairman of the Securities and Exchange Commission, Gary Gensler pointed out that more regulation is required in crypto markets. He further opined that “Greater investor protection in the realm of cryptocurrencies was the need of the hour.” Gensler believes there are thousands of digital assets registered as cryptocurrencies but are securities. The SEC has already demonstrated what it can do by filing a case against executives of Ripple who are alleged to have sold XRPs as securities in the past. This saw XRP drop in price in December 2020, a time where most digital assets soared to new all-time highs.
With such an uncertainty hovering around the decentralized finance market, investing all your savings in COMP or other cryptocurrencies for that matter could lead to a dent in your financial resource. Cryptocurrencies are unregulated. With an uncertain future, invest an amount of your savings you can forget about in COMP and see where it can take you as per the goals of your investment.
Editor's Note: Investing in cryptocurrencies is risky; you must be prepared to lose your capital. On the other hand, you can spread your investments across different assets in the form of stocks, bonds, commodities, and metals. This will help prevent substantial losses which may not be recovered.
Where Can I Buy Compound / How To Invest In Compound?
There are numerous ways to invest in Compound. The most popular way is via a cryptocurrency exchange. As an e-learning organization, we would like to recommend eToro as the best exchange to safely and securely hold your coins.
Due to the scams that have led several investors to make huge losses, it is better that you find a cryptocurrency exchange that has served millions of customers without incident. Having offices in the United States, the United Kingdom, Australia, and Cyprus, eToro is an authentic platform with more than 15 years of experience under its belt.
To invest in COMP with eToro, you must go through a short process that takes less than 24 hours.
The 1st Step is to SIGN UP. Just like opening an account online, you must provide your full legal name, phone number, email, and residential address.
The 2nd Step is to VERIFY YOUR ACCOUNT. Due to identity, credit & debit card fraud, eToro will request a government-issued identification card preferably with your signature to confirm the details earlier on input. This process allows eToro to know that the person behind the personal computer or smartphone is a human being.
The 3rd Step is to DEPOSIT FUNDS. Without fiat (what we all know as money), you cannot buy your first COMP coins. Based on payment options on the platform (Skrill, PayPal, Neteller, VISA, iDeal and, Rapid Transfer among others), you can deposit money in the form of EUR, USD or, GBP. It will be processed and added to your account.
The 4th Step is to NAVIGATE to COMP PAGE. On this page, you can buy several COMP coins that meet your investment budget. The transaction will be processed and added to your account.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Will Compound Be A Millionaire-Maker?
Compound could become a millionaire-maker in the long term. COMP has a market capitalization of $777 million at the time of writing. As we have already discussed, this continues to rise as more people become educated about the possibilities of decentralized finance in a centralized finance-dominated world.
Being a finite resource, the value of Compound is likely to increase. This is because scarcity normally results in the growth of the price of an asset. Please, remember that any investment carries risk and therefore COMP is not a perfect financial instrument. As a result, invest in Compound with the amount of money you have solely set aside to try your hands on digital assets.
Practically, COMP can make you a millionaire in the following way. At $119 and the projection of CoinPedia in mind in the long term ($3,500), buying 290 COMP will cost $34,510. After testing the forecasted price, your investment will mature to 290 multiplied by $3,500 equals $1,015,000.
Don't Miss: Compound Price Prediction for 2025 and 2030
Is Compound A Good Investment?
Based on price forecasts of analysts and experts, COMP is a good nvestments. You must always remember that most investments come down to two factors and they are risks and rewards. As a trader or investor, you must always ask the question, do the potential rewards exceed the possible consequences of the risks?
Compound certainly has some risk factors. The founders, stakeholders, and team behind the project hold 46% of the coins. Aside from this, Compound faces competition from other DAPPS in the lending space. Not being a mainstream cryptocurrency also does not help the digital token compete with some of the most popular assets in the market.
Have you considered investing in Compound?
On the other hand, Compound is gradually making waves in the DeFi space because of the provision of passive income for users whose savings accounts come with insignificant savings rates. The protocol also has the backing of some of the major players in the space.
When compared to the price of Yearn Finance, Maker, Ether, and BTC, COMPs price is a low barrier of entry for novice investors. For the sophisticated investor, due to future price forecasts, the current price of COMP provides a great opportunity for adding another cryptocurrency to their growing list of digital asset investments.
To put it simply, Compound is a low-risk investment with lots of potential rewards. You should conduct independent research to add up to the depth of knowledge received through this report. Once that has been done, you are on your way to invest in Compound.
In the end, the real question is, does investing in COMP work? Well, it has brought more than 272.3% for investors who bought the coin on 1st January 2020. Now could be the perfect time to buy COMP so that you do not miss out on potential returns in the future.
Now you understand the pros and cons of investing in Compound. If you are feeling inspired to start investing in COMP, or if this article has provided some extra insight into your existing trading knowledge, you may be pleased to know that eToro provides the ability to trade with crypto assets and CFDs on up to 90+ cryptocurrencies.
eToro – The Best Platform To Buy Compound
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Does Compound Have a Future?
Compound has a future. There are more than $11.6 billion in total value locked. This signals the number of investors who have deposited their funds with the view of making huge returns in interest rates. Aside from this, crypto analysts and experts are forecasting long-term prices above COMPs all-time high price of $911.2 recorded on Wednesday, 12th May 2021.
Compound is a prominent player in decentralized lending. With a huge demand for decentralized finance applications in terms of usage and investments, COMP is one of the top DeFi coins that will be seeing huge liquidity in the future. This will impact its market capitalization which could enable COMP to become a large capped digital asset (at least $10 billion in market capitalization).
Is Compound Safe?
YES! Compound is safe. Like other DAPPS, COMP thrives on a non-custodial approach where users control the management of their accounts. With no intermediaries, the decentralized application through smart contracts facilitates the agreement between lender and borrower in a trustless but safe and secure manner. COMP has been listed on eToro. If the protocol or its novel token had question marks around it, a credible multi-asset exchange like eToro wouldn’t have listed it for trading by its customers. To put it simply, developers of Compound included essential coding methods that make it safe.
Will Compound Go Up?
Compound could go up in the short and long term. This is because of its accessibility on exchanges, the rising popularity of decentralized finance applications, potential scarcity of COMP coins in the future as well as huge investor interest defined by trading volumes and value locked. Aside from this, price forecast by Wallet Investor, Trading Beasts, Gov. Capital, Coin Price Forecast, Digital Coin Price, CoinPedia, and Long Forecast points to an increment in the price of the cryptocurrency in the future.
Can COMP token reach $5,000?
COMP token can reach $5,000 someday due to the crypto boom of 2021 buoyed by sophisticated and unsophisticated traders and investors. With that said, there are no analysts or experts who have predicted such price milestones. The highest prediction is by Digital Coin. According to the experts at the forecasting website, COMP could have a trading price of $493.54by the end of 2029.