1inch Token Reaches 3-Month High Following Surge in Trading Volume on Upbit
Among the top gainers on Monday was 1inch, the native token of decentralized exchange aggregator 1inch Network. According to data from CoinGeiko, the crypto asset is up 19.4% over the past 24 hours. 1inch has been rallying since last Friday, posting a 7-day growth of 43%.
By comparison, the wider market has remained relatively stable today after rallying on Thursday following Ripple’s court win against the United States Securities and Exchange Commission. Bitcoin is currently trading at $30,180, while the second-biggest digital currency Ethereum is changing hands for $1,911.
The 1inch rally comes at a time when the token’s trading volume is growing massively in South Korea. A similar situation happened two weeks ago when Aptos and Bitcoin Cash posted significant price increases.
1inch Performance on Upbit
CoinGecko’s data shows that 1inch is the second-most traded token on the South Korea-based crypto exchange Upbit, recording $361 million in trading volume over the last 24 hours. That figure is ten times the average daily trading volume of the 1inch Network token.
Meanwhile, Coinglass reports that the 1inch price increase led to investors losing $2.4 million to short liquidations. For starters, a short liquidation happens when investors betting on an asset’s price to decline are forced to exit the market because the price began moving upwards.
Nansen Reveals Abnormal On-chain Stats
Besides 1inch recording a surge in trading volume, the crypto asset has also recorded significant exchange-to-exchange transfers. Blockchain analytics firm Nansen reports that millions of 1inch tokens estimated to be worth $2.40 million were transferred from the wallets of Celsius, a fallen crypto lender, to various exchanges.
The bankrupt company had previously been given the go-ahead by the court to trade their altcoins for more liquid cryptocurrencies like Ethereum and Bitcoin. Over the past seven days, Celsius has withdrawn 16.5 million 1inch tokens from Binance, distributing them to other exchanges.
Further, Nansen says the surge in 1inch trading volume on Upbit shows that big unknown entities are influencing the digital asset’s price. 1inch was trading at $0.561 on Monday morning for the first time since April.
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