The recent surge in the 1inch token reflects the team's confidence in the project's future, demonstrating strategic investments and active actions from the developers.
Why is the 1inch Token Gaining Momentum?
Recent reports indicate that since July 6, the 1inch team has been actively acquiring its token, deploying $4.4 million in USDC to buy approximately 22.99 million 1INCH tokens. This confidence boosting initiative has already resulted in a 14% price increase from $0.18 to $0.206. An additional $3 million was transferred to Binance Exchange on July 8, with $962,000 already used to purchase 4.75 million tokens, indicating ongoing buying activity.
Unpacking the 1INCH Price Surge: What Does On-Chain Data Reveal?
This strategic accumulation from the 1inch team has translated into notable price changes. Over this cycle, the total accumulated amount stands at approximately $6.65 million for 33.19 million 1INCH tokens with an average purchase price of $0.20, indicating strong belief in future appreciation.
The Strategic Play: How Does This Impact the Decentralized Exchange Landscape?
The substantial investment by the 1inch team enhances market confidence and aligns their financial interests with the success of the protocol. This can attract new users and investors while establishing stronger trading volume and liquidity for the 1INCH token.
The 1inch team's investment in its native token is an important indicator of confidence in its future. The internal actions, validated by on-chain analysis, signal significant price momentum, underscoring the company’s commitment to long-term growth in the DeFi ecosystem.
