1inch (1INCH), a leading decentralized exchange, recently saw a price drop after news broke that 1inch Foundation is selling altcoins. However, statements came from the team that this was not true. Here are the details…
Selling panic for 1inch: Altcoin price drops
1INCH, the 86th-ranked coin by market cap, lost nearly 3 percent. The reason behind this was rumors that 1inch Foundation was selling some of its assets. Recent findings from smart money and on-chain tracking page Lookonchain showed that 1inch Foundation transferred 15.56 million 1INCH tokens. The transferred tokens amounted to approximately $8 million. 1inch Foundation made the transfer 18 hours before Lookonchain’s tweet went live. Then, the amount was transferred to Binance 14 hours after the first transfer took place.
Furthermore, data from WhaleAlert also showed 15,599,996 INCH transfers worth $8,033,795 from an unknown wallet to Binance. Specifically, the date was June 9, 2022 when 1inch Foundation last transferred 15.56 million 1INCH. At that time, the 1INCH token price had dropped from $0.81 to $0.60 within a week. The June transfer dropped the price of 1INCH by over 35 percent in ten days.
Now, after the sale of 15.56 million 1INCH tokens, the effects of this liquidation are yet to be seen. However, 1INCH price was already close to the lowest price support at $0.50. According to some analysts, a drop below this could trigger big losses for both long-term and short-term holders.
On-chain data also pointed to sales
To verify the last 1INCH sale, the ten chain metrics provide some good insights into the claims. Firstly, on December 1, when the sale took place, there was a large increase in 1INCH stock listings supporting the sales claims. Exchange net flows were as high as 14.1 million 1INCH, meaning a significant amount of tokens went to exchanges. In addition, the “age metric” of the coins showed that many legacy tokens are in motion in the market, which could lead to significant price changes. cryptocoin.com As we reported, a week ago, 1inch Foundation launched its RabbitHole tool, which aims to protect users against “sandwich attacks”.
1inch officials explained the incident
Sergey Maslennikov, chief communications officer at 1inch Network, made a statement. “Actually, these wallets and token transfers are in no way affiliated with the 1inch Foundation,” he said. However, he said that this sale was due to some backers who consistently bought 1inch Network’s unlocked 1INCH tokens according to the “vesting” plan/timeline. Additionally, a Tweet from DonYakka claimed that the transfer was “not from the 1INCH foundation wallet.” The following expressions were used in the tweet:
A transaction made through a former investor. Because they demanded it through the vesting contract, they did it on the date the 25 percent drop occurred in the entire market. 1INCH has a BTC and ETH pair, so be prepared to pump when these pairs rise.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.