Crypto News

1inch Network Sees 5% Decline Amidst Ongoing Market Volatility

The 1inch network 1INCH, known for its decentralized protocol aggregation, experienced a further decline of 5% in its token value today.

This downtrend comes amidst ongoing market volatility affecting various cryptocurrencies.

According to on-chain reports, Wallet 0xde9, likely associated with Wintermute Trading, recently deposited 7.44 million 1INCH tokens, valued at approximately $3.14 million, to Binance at a price of $0.422. Interestingly, these tokens were received from Alameda Research’s wallet 0x4b1 just two days prior.

Further investigation into Alameda Research’s activities reveals a series of transactions involving 1INCH tokens. The company received a total of 14.44 million 1INCH tokens from the “1inch: Vesting” contracts in June 2023, when the price was $0.349, equating to $5.04 million.

Subsequently, Alameda Research transferred all these tokens to Wintermute at an average price of $0.519, totaling $7.5 million, across two separate transactions on April 9 and 27, 2024. Notably, the first 7 million 1INCH tokens were moved out before the latest market crash and deposited to Kraken.

1INCH Price Action To Monitor 

Overall, the 1inch network has experienced a notable decline of 32% in the past 30 days, reflecting the broader trend of market volatility impacting cryptocurrency assets.

As market participants navigate through the uncertainties and fluctuations in the cryptocurrency landscape, developments in the activities of major players like Wintermute Trading and Alameda Research provide valuable insights into the market dynamics and investor sentiment surrounding projects like 1inch.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: foxaon/123RF // Image Effects by Colorcinch

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