Decentralized exchange (DEX) aggregator 1inch’s native token, known as 1INCH, surged by over 58 percent in value before pulling back on Monday. This spike in price coincided with an increase in trading volume, which reached $597 million, the highest level since October 2021. Apart from these, there has been activity in many cryptocurrencies. Here are the details…
1INCH transferred to Binance
The rise in the 1inch token price seems to follow the bullish trend set by XRP after the crypto asset won a legal victory over the Securities and Exchange Commission (SEC) last week. XRP witnessed a notable 102 percent increase in just one day, triggering a chain reaction among other assets such as Solana (SOL), Cardano (ADA) and Polygon (MATIC). CoinGlass reports that $3.37 million worth of leveraged 1inch shorts have been liquidated in the past 24 hours. This shows that traders betting against the price action of 1inch are taking losses as the value of the token continues to rise.
Also, open interest for 1inch trading pairs jumped from $14 million to $125 million, as reported by Coinalyze. This increase in open interest indicates that the rally was partly due to activities in the futures markets. However, this rise also raises concerns about the fragility of the market. Despite increasing trading volume, market depth remains relatively low, measuring liquidity at a spread of 2 percent. According to CoinMarketCap, the buyer-side market depth of 1inch on Binance is currently $226,272. This could trigger long position liquidations, creating potential opportunities for spot sellers to take advantage of leveraged trading activities.
Whales withdraw ARB token from Binance
A certain investor seems to be taking advantage of this trading strategy. Blockchain data platform Lookonchain highlighted that an investor sent 7 million 1inch tokens worth $3.7 million to Binance, as a result of which prices fell by 4.4% in minutes. Separately, Lookonchain revealed that three leading whale addresses have withdrawn approximately 3.76 million ARB tokens from Binance in the past two days, equivalent to about $5 million. One of these addresses, starting with “0x8506”, attracted 2.17 million ARB ($2.88 million).
It currently holds a total of 2.6 million ARBs ($3.5 million). Another address starting with “0x8c50” attracted 814,598 ARB ($1.08 million) yesterday, while the third address starting with “0x86ae” attracted 772,547 ARB ($1.03 million) yesterday, providing liquidity on Uniswap. Meanwhile, giant whale addresses starting with “0xC61” have withdrawn and staked 15,800 ETH, amounting to approximately $30.7 million, from Binance since June 24.
Celsius and MakerDAO take action
cryptocoin.com As we reported, lending platform Celsius has launched the sale of various altcoins. Specifically, FalconX, 1.27 million LINK ($8.5 million), 2.83 million SNX ($7.84 million), 12,597 BNB ($3 million), 4.45 million 1INCH ($2.26 million) from Celsius $), 8.53 million ZRX ($1.9 million) and 439,000 FTT ($713,000). Also, FalconX deposited altcoins on Binance for sale. New York Southern District Bankruptcy Judge Martin Glenn had previously given Celsius approval to sell or trade altcoins for BTC and ETH from July 1.
Moreover, on July 16, MakerDAO founder Rune bought MKR tokens again a month and a half later. Rune transferred 5 million DAI to address 0x0f8 and then used 620,000 DAI to purchase 620 MKR tokens from the same address at an average price of $1,000. Later, 2 million USDC was transferred to Coinbase. Finally, a prominent whale sold 4,549 ETH at a price of around $1,930. It is worth noting that this whale purchased said ETH on January 9, 2023 at an average price of around $1,319. As a result, the whale made a net profit of about $2.78 million from this transaction, according to preliminary calculations.
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