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The activities in the $1INCH protocol are expected to remain high, particularly due to increased altcoin FOMO.
The 1inch ($1INCH) market has recorded a sudden spike in daily traded volume amid the recent altcoin rally triggered by the $XRP case. Notably, the multi-chain decentralized exchange (DEX) price aggregator, 1inch protocol has seen its daily traded volume up by a factor of more than 212 percent in the past 24 hours to about $645 million. Consequently, its market valuation gained about 7 percent to about $434 million on Monday and its price traded at around 46 cents. According to the latest crypto market data, the $1INCH token price was up more than 51 percent in the past five days despite the recent altcoin pullback.
Closer Look at $1INCH Market Outlook
The $1INCH market is heavily bolstered by the positive fundamentals and the speculative aspect of the cryptocurrency industry. Combining both aspects makes $1INCH extremely bullish in the long term. Moreover, the $1INCH protocol helps crypto users swap assets between different chains with the best prices securely. Additionally, the $1INCH protocol provides users with a safe crypto wallet that ultimately helps them swap through the best routes with enhanced liquidity.
According to the protocol’s official website, $1INCH protocol has about 383 liquidity sources, having facilitated more than $286 billion in traded volume from more than 4.5 million total wallets. Through fetching different price oracles from various decentralized exchanges, $1INCH protocol then analyzes the data in a bid to provide its customers with the best and most reliable routes with the smallest fees to swap the assets.
The recent meteoric rise in the $1INCH network is evidently visible through the increased open interest, up more than 138 percent in the past 24 hours to about $143 million. With increased volatility, trading volume, and open interest, $1INCH liquidations are expected to remain high in the coming days.
Furthermore, more than $4.2 million was liquidated in the $1INCH market in the last 24 hours, according to the latest market data provided by Coinglass. Amid the heightened on-chain activity, $1INCH whales were spotted depositing on centralized exchanges including Binance, perhaps to take some profits after a considerable rally.
Note that a #$1INCH investor deposited 7M #$1INCH ($3.88M) into #Binance just now after the price of #$1INCH rose.https://t.co/evi8W1swDw pic.twitter.com/WzlhogyO2q
— Lookonchain (@lookonchain) July 17, 2023
The activities in the $1INCH protocol are expected to remain high, particularly due to increased altcoin FOMO. Moreover, the recent SEC vs Ripple summary judgment ruling largely vindicated not only $XRP but also the entire altcoin industry. Furthermore, the SEC is now faced with the task of identifying which crypto transactions are investment contracts in a bid to classify them as securities.
Meanwhile, the $1INCH community will have a chance to hear directly from the team leaders who will participate in the ETH Global Paris hackathon on July 21-23.