Famous investment company Dragonfly Capital has dumped the token of 1INCH Network, of which it is a seed investor, to the stock markets. After these developments, the altcoin price deepened its decline.
Dragonfly Capital dumps 1INCH to Coinbase and OKX
Dragonfly Capital, one of the 1INCH seed investors, received 37.5 million 1INCH (approximately $14 million worth) from 1inch DAO Vesting today. According to the on-chain tracking platform Lookonchain, it transferred these tokens to the address “0x340e”. In this context, Lookonchain shared the following:
Dragonfly Capital (one of the $2.8 million seed investors) received 37.5 million 1INCH ($14 million) from 1inch DAO Vesting. It has now been transferred to the address “0x340e”. Dragonfly Capital transferred 500K 1INCH ($1.3 million) to Genesis Trading OTC on January 2, 2022, when the price was $2.6.
Dragonfly Capital then invested 37.5 million 1INCH (worth approximately $14 million) in Coinbase and OKX.
Altcoin price drops 34% days after Ripple-SEC decision
1inch Network’s native token, 1INCH, is down 34% on the day. With this move, the altcoin became the biggest loser among the top 100 assets ranked by market cap. As a result, market participants seem to be selling due to the decline. The token declined below multiple support levels and settled as low as the $0.35 region. Hence, it continues to put more pressure on the altcoin.
It looks like 1INCH is correcting less than a week after the market-wide rally sparked by Judge Analisa Torres’ decision in the legal battle between Ripple and the United States Securities and Exchange Commission (SEC). cryptocoin.comAs you follow, the market interpreted the decision positively. This has boosted Bitcoin and altcoins, including 1INCH. Prior to that date, 1INCH had consolidated between $0.30 and $0.34 for two weeks before its July 13 rise. The rally hit $0.5935 on July 17, marking an 89% increase in four days
During this time frame, 1INCH experienced a significant increase in trading volume due to increased interest from investors to capitalize on the rally. According to monitoring platforms, on July 17, 1INCH’s 24-hour trading volume amounted to $112.5 million. However, the market-wide run ended as the upside momentum faded. The bears dropped 1INCH to $0.4029, a 6.16% correction from $0.5935 posted on July 17. These losses triggered even more losses on July 18.
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