1inch Network Price Prediction as 1INCH Dumps 15% - Is a Whale Selling?
1INCH, the ticker for the cryptocurrency that powers the decentralized exchange (DEX) liquidity aggregating protocol called the 1inch Network, has dumped around 15% over the last 24 hours, as per CoinGecko.
That makes it the worst-performing cryptocurrency in the top 100 by market cap over this time period, although crypto markets are broadly under pressure with bitcoin (BTC) dipping back under $30,000 and ether (ETH) falling back below $1,900.
1INCH hit its highest levels since March on Monday near $0.60 amid a sudden surge in trading activity.
Open interest in 1INCH futures on Binance surged from around $8.6 million last Friday to highs of over $46 million on Monday according to CoinGlass.com data, the highest since late 2021, as traders rushed in to take out leveraged positions.
1INCH has since retraced around 40% from Monday’s intraday highs to trade in the $0.35 area.
Technical buying amid Monday’s short-lived breakout above a long-term downtrend and the 200-Day Moving Average could have triggered the sudden pump.
Some theorised that 1INCH’s rally could have been a delayed reaction to last week’s positive XRP ruling by a US judge.
Either way, the sudden spike then pullback wrecked a lot of traders.
As per CoinGlass.com, nearly $5 million in futures positions were wiped out on Monday, the highest in at least three months.
On-chain analytics-focused Twitter account @lookonchain highlights in a tweet on Monday that a 1INCH whale had sent 7 million 1INCH tokens (worth $3.88 million) at the time to Binance.
Whales sending large amounts of tokens to a centralized exchange often triggers alarm bells for a cryptocurrency, as it could signal their intent to use the exchange to sell their holdings, which could result in elevated sell
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