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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.