While 1INCH, the native token of the decentralized finance (DeFi) platform 1inch, experienced a great rise in a short time like 3 days, the dump that followed upset the investors.
1INCH trading volumes October 2021highest level since $647 million reached. Parallel to the increase in transaction volumes 1inch over the weekend rose 80%. According to the on-chain data platform Coinalyze, the 1inch specific open derivative positions (open interest) in this process $14 million to $125 million rose. Analysts cited this increase in futures markets as the reason for the rise.
According to these data provided, 1inch market depth It provided a suitable basis for such price movements as it remained relatively low compared to the trading volume.
On the other hand, on-chain analysis platform to Lookonchain According to the report, an anonymous 1inch investor took advantage of the rise and gave an approximation to the crypto exchange Binance. $3.8 million worth 7 million pcs 1inch he laid. The platform warned about the heavy transfer that followed the rise in question.
Experts said transfer pre-sale preparation With the transfer made while interpreting it as 1INCH, it dropped instead of rising. Price in line with the sales pressure that comes with the transfer regressed to the point where the rise was experienced within hours.
Thus, a big pump-dump was experienced in the altcoin, which was moving upwards. Along with the volatility, the sizes of the liquidated positions also increased considerably. According to Coinglass data, with the volatility experienced, a total of 1 inch in 24 hours 4.32 million dollar position was liquidated.
First session held today Ethereum Community from the Conference 1inch team in the statement, zkSync made statements that they will allow limit transactions on its network.
According to CoinGecko data, in the last 1 month 58% on the rise 1inchat the time of writing from $0.442 is being traded.