In the cryptocurrency market today, the 1inch (1INCH) token made a significant comeback, rising by 20.33% to a current value of $0.2746. Trading volume surged by an impressive 621.75% in just 24 hours.
1inch's Sharp Rise
The 1inch (1INCH) token demonstrated a remarkable price surge of 20.33%, reaching $0.2746. This spike in value has caught the attention of traders and investors, especially given the rapid 621.75% increase in trading volume over the past 24 hours.
Reasons for the Increase
The major factor behind this sudden spike is the 1inch Team's strategic purchase of their own token. Earlier today, the team spent $1.75 million in USDC to acquire 7.96 million 1INCH tokens at a price of $0.22 per token. This is not their first move in recent weeks; since July 5, the 1inch Team has invested a total of $5.49 million to buy 22.4 million 1INCH tokens at an average price of $0.25.
Market Reaction
These consistent buybacks by the 1inch Team reflect their confidence in the project and have significantly boosted market sentiment around the 1INCH token. The market has responded positively, with traders and investors taking note of the team's commitment to their platform. As a result, 1INCH has emerged as a bright spot in the market, attracting attention and optimism from the crypto community.
With the 1inch Team actively backing their token, the market could see continued interest and potential growth in 1INCH, making it one to watch closely in the coming days.
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