The 1inch Network’s token emerged as the top gainer in the crypto market this morning, boasting a remarkable overnight increase of 19%.
1inch Token Achieves Three-Month High as South Korean Trading Volumes Surge
The decentralized exchange aggregator’s governance token has been on a relentless surge since July 14, experiencing a staggering 67% weekly growth.
While the 1inch token exhibits an impressive performance, the rest of the market remained relatively subdued with minimal movements over the weekend. Bitcoin has been trading within a narrow range of $30,150 to $30,500, exhibiting little volatility.
Ethereum, on the other hand, followed a slightly smaller range between $1,920 and $1,945 since Friday. However, the latest surge in the 1inch token’s price coincides with a substantial increase in trading volume in South Korea, mirroring the anomaly observed during the recent price surges of Bitcoin Cash (BCH) and Aptos (APT) in the past two weeks.
Remarkably, 1inch became the second most traded coin on Upbit, recording a staggering 24-hour volume of $360 million. This trading volume exceeds the 30-day average trading volume of 1inch by more than 15 times, according to CoinGecko data.
The rapid price surge of the 1inch token resulted in short liquidations worth $2.49 million in the perpetual swap markets, as reported by Coinglass data. Perpetual swap contracts are a type of derivative instrument or futures contract that enables leveraged betting on an asset’s price without an expiration date.
About 1inch Token
1INCH is the Ethereum token supporting 1inch, a decentralized exchange platform that aims to provide “the best rates by discovering the most efficient swap routes among all leading DEXs.” Like 1inch, other decentralized exchange platforms (commonly referred to as DEXs) enable users to trade their tokens directly without the need for intermediaries.
Leave a comment