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Highlights
- The 1inch Network, the decentralized exchange (DEX) aggregator, was among the biggest gainers in the crypto market following its listing on South Korean exchange Upbit.
- The 1inch Network allows users to find the most efficient swapping routes across all platforms.
- According to CoinMarketCap, the 1INCH was trading at US $4.85 with a 24-hour trading volume of US $3,896,323,570.
The 1Inch Network is a decentralized exchange (DEX) aggregator, which has been rising fast since Wednesday night. Following its listing on South Korean exchange Upbit, the interest in 1INCH crypto has exploded suddenly with new interest among investors.
The listing has helped 1Inch crypt to outsize the token’s value with the expectation of huge liquidity creeping into the crypto. With so much capital chasing high returns, investors are now banking on the possibility of an elongated bull run for the crypto.
Founded in 2019, the 1Inch crypto connects several DEXes on one platform, allowing users to swap across all protocols easily. The protocol, through its dynamic pricing feature, can be used to store, staking.
Also read: Shiba Inu (SHIB) outpaces others, but will the rally continue?
Impact of Upbit listing
Within hours of its Upbit listing, 1Inch superseded its price expectations and has managed to draw the attention of investors who are looking to opportunities for arbitrage. Following the Binance listing recently, the second listing of 1NCH has triggered a new wave of purchases, which has pushed the prices further.
The market is witnessing a short squeeze, and FOMO (fear of missing out) has set in among the investors seeing the incredible price growth. 1inch gives the benefit to the user to use the wallet to transact using the layer-2 networks. Certified and audited by leading firms such as Certik, Hacken, MixBytes etc., the users can rest assured that the users can fetch attractive prices for transactions.
Also read: Crypto flash crash: Is it time to panic?
Is 1INCH a good bid?
1Inch, which was ranked 118 last week in market cap, has climbed up to 102 on CoinMarketCap, thanks to its recent rally. According to CoinMarketCap, the 1INCH was trading at US $4.85 with a 24-hour trading volume of US $3,896,323,570. At the time of writing (BST 9:00 am), 1Inch was up by 20.77% in the last 24 hours. 1INCH currently has a live market cap of US $895,146,916 with a circulating supply of 180,362,122 1INCH coins.
According to market experts, this bull run has helped 1INCH immensely, and they may continue for the next few days. A slight correction in price cannot be ruled out as it is in the natural order of things. The experts believe if the trend continues then, it could well reach US $10 by 2022 first quarter itself.
Conclusion
This rally comes in as good news for market participants and provides them with an alternative form of investment. 1INCH can be a great investment option as it presents arbitrage opportunities and minimal slippage rates during token swaps.
All in all, it does come across as a strong token to invest in, which has the potential to grow in future.
