Why is 1INCH crypto rising despite the market dip today?

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Why is 1INCH crypto rising despite the market dip today?

 Why is 1INCH crypto rising despite the market dip today?
Image source: © Alexanderushkevich | Megapixl.com

Highlights

  • 1INCH supports various tokenomics by acting as a utility token and a governance token.
  • There are more than 137,000 holders of 1INCH crypto.
  • Currently, the 1INCH crypto acts as a connector in the liquidity protocol.

The crypto market continues to experience significant turbulence, and its woes don't seem to end anytime soon. On Wednesday, the crypto market was in the red as prices of the major virtual currencies dipped significantly.

At 3 AM EST, Bitcoin was down by 4.3 per cent and trading at US$ 19,966.18 per token. Meanwhile, ETH dipped significantly by 6.4 per cent to US$ 1,121.56 apiece.

The total valuation of the crypto market decreased by 3.9 per cent over the last 24 hours to US$ 900.48 billion. Amid the crashing market, 1inch Network crypto gained traction as its price increased by 8.5 per cent over the previous day to US$ 0.7324 per token.

Meanwhile, the volume of the 1INCH crypto catapulted over 340 per cent to US$ 241.4 million.

What is 1INCH crypto?

The 1INCH token supports various tokenomics by acting as a utility token and a governance token of 1inch Network. As per the official website, the total token supply is 1.5 billion, and the circulating supply is 546 million.

There are more than 137,000 holders of 1INCH crypto, which is used in two existing protocols in various ways. 1INCH is presently accessible via a bridge on both Ethereum and BNB Chain.

Currently, the 1INCH crypto acts as a connector in the liquidity protocol to enable routing. The 1INCH token controls all present and upcoming protocols for the 1inch Network. It is used in the governance modules of aggregation and liquidity protocols.


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Bottom line

The 1inch Network brings together decentralised protocols whose cooperation enables the most profitable, quick, and secure DeFi operations.

The network gives users access to 116 sources on the Polygon Network, Binance Smart Chain, and Ethereum ecosystem. Meanwhile, the 1INCH crypto is available for trading on crypto exchanges like BTCEX, OKX, and Binance.

Investors must evaluate their options by doing thorough research before purchasing any cryptocurrency.

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