Here’s Why 1inch Surged by 20% Last Week
1inch Makes Power Move with Strategic Token Purchase and Continues to Impress in DeFi Space
Once again, the 1inch team has demonstrated confidence in its native token. $1INCH, through a significant purchase of 7.96 million tokens valued at $1.75 million. The transaction, executed on September 4, 2024, resulted in an immediate price surge, with $1INCH breaking through the $0.27 mark, an increase of over 20%.
Strategic Acquisition Continue
The transaction follows a series of strategic acquisitions by 1 inch, which have seen the team accumulate 22.4 million tokens since July 5, 2024, at an average price of $0.25. These purchases, including major buys in August at lower price points of $0.25 per token, indicate long-term optimism for the token’s growth within the decentralized finance [DeFi] sector.
Moreover, the 1-inch network, known for its innovative DeFi solutions, has been making waves due to its ability to provide deep liquidity and attractive prices across several blockchains.
By accumulating such a huge amount of tokens, the 1-inch team is reinforcing its commitment to the future success of its ecosystem.
Market Response
The market’s positive response to these purchases illustrates a growing belief in $1INCH as a valuable asset in the DeFi space. With the token’s price crossing key resistance levels, many traders are paying close attention to further movements in its value.
Interestingly, as the 1-inch team continues to build on its platform, the latest purchases could signal further bullish trends. The project’s innovative technology and active development within the DeFi space make $1INCH one to watch out for in the coming months.
1INCH Collaborates with Mastercard to Launch Crypto Debit
The launch of the 1-inch Card marks a significant move in integrating decentralized finance [DeFi] with traditional banking systems. With this card, users can now utilize their crypto assets at over 160 million locations, effectively connecting cryptocurrencies with conventional financial transactions.
Sergej Kunz, co-founder of 1inch, emphasized that their target audience includes inactive users within the cryptocurrency community who still hold cryptocurrency. The introduction of the 1-inch Card aims to make it easier to onboard new users into the ecosystem.
Certainly, 1-inch is positioning itself as a pioneering force in decentralized trading. Through strategic investments, innovative technological updates, and a growing ecosystem, 1-inch is well-prepared to lead the future of DeFi and maintain its prominent role in the industry.
