Cryptocurrency teams sometimes buy tokens available in the market. Recently, the 1INCH team, ranked 140th by market volume, made such a move. However, this was not the only action they took.
1INCH Team Buys Tokens
The 1INCH team has historically made significant sales. Recently, they reversed this trend. According to Spot on Chain, the team purchased over 9 million tokens.
What makes this significant is that it was the second purchase in recent hours, complicating the situation.
Following this news, Lookonchain revealed another recent purchase by the team, acquiring 7.96 million 1INCH tokens for approximately $1.75 million. The common factor in these moves is that the buyers perfectly timed the market lows.
According to Lookonchain, the price of 1INCH quickly rose after the purchase, breaking $0.27 and surpassing $0.28.
1INCH Comments
1INCH coin was launched in 2020 before the last bull run. Despite significant declines, it remains in the top 150 by volume. As of writing, the token’s price has risen, especially after the recent purchase.
Following a 25% upward movement in 24 hours, the token reached $0.2837, indicating a significant market move. Bitcoin, in contrast, only rose by 1% following JOLTS data.
The price movement of 1INCH also increased its market and 24-hour trading volumes. The market cap rose to $355 million, and trading volume surged by 576% to over $120.5 million. Although it’s unclear how the team timed their purchases, the moves have pleased investors.
