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According to the data tracked by Glassnode, the native presence of the 1inch Network on wallet addresses connected to centralized cryptocurrency exchanges has increased by a significantly high rate of 50% within a very short period of three days. Prithvir Jhaveri, the co-founder and CEO of Loch Research, reported that the price of the altcoin collapsed after a crypto whale sold their profits in 1INCH, causing investors to panic and transfer their assets to centralized cryptocurrency exchanges.
Reaching a Record of Over 184.28 Million
The on-chain data platform Glassnode reported that the number of 1INCH tokens held in wallet addresses connected to centralized cryptocurrency exchanges reached a record level of over 184.28 million (approximately 65 million dollars). The number of 1INCH tokens in wallet addresses connected to centralized cryptocurrency exchanges increased by 50% within just three days, reaching 18.65% of the circulating supply, which is 987.6 million tokens, and 12.2% of the total supply, which is 1.5 billion tokens.
1INCH is the service token of 1inch, a decentralized cryptocurrency exchange (DEX) aggregator that was launched in December 2020. Investors usually transfer their tokens or coins to centralized cryptocurrency exchanges when they want to sell their coins or use them as margin for trading derivative products. Therefore, the significant increase in the number of 1INCH tokens held in wallet addresses connected to centralized cryptocurrency exchanges is considered as an indicator of approaching high volatility.
1INCH Price Officially Collapsed
According to the data from the price and data platform CoinMarketCap, 1INCH experienced a 10% drop on July 18, reaching $0.36, which was its highest single-day drop since June 10. 1INCH had risen from $0.30 to $0.60 in the seven-day period leading up to July 16. The decline in the leading altcoin caused it to lose a significant portion of its gains and even return to the point where the rise began. At the time of writing this article, 1INCH is trading at $0.3463 in the last 24 hours.
Prithvir Jhaveri, the co-founder and CEO of Loch Research, reported that a major crypto whale sold their profits, triggering the price drop.
