Will 1inch Network (1INCH) Whales Sell Off After 100% Price Jump?

1inch Network (1INCH) price currently sits at $0.47 after gaining 102% over the last 30 trading days. On-chain data analysis reveals solid network fundamentals that could power 1INCH into more gains.

Timeline of 1inch

The native token of decentralized exchange (DEX) aggregator 1inch (1INCH) has risen by more than 30% in the past 24-hours as trading volume hit $597 million, its highest level since October, 2021.

The 1-inch exchange will be the first major protocol to release tokens this week on May 1. However, with only 21,429 tokens issued, there is unlikely to be a significant impact on token prices.

Binance, the world's largest crypto exchange, has announced that it will move Shiba Inu (SHIB), 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) out of the innovation zone on April 18.

In recent years, the world of cryptocurrency has seen explosive growth, with new and innovative projects emerging every day. One of the most significant players in this space is Binance, the world's largest cryptocurrency exchange by trading volume.

The world's largest crypto exchange Binance on Monday announced that it decides to move out Shiba Inu (SHIB), 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) from the Innovation Zone. Binance allows users to trade new and innovative projects by listing these tokens in Innovation Zone.

1inch has experienced its second-largest spike in Social Volume this year, alongside a significant movement of Dormant Coins. With the price still undervalued according to MVRV data, these developments could lead to potential price gains for the altcoin.

Most investors know that tokens that provide utility to the ecosystem that they help function generally make much better investments, as unlike coins that do not provide utility like meme coins, utility tokens will benefit from a consistent buying pressure brought about by the required use of the token.

The crypto market ensured heavy losses last week but the 1inch network managed to conclude it with a massive win. The DeFi protocol revealed that it secured a new volume record on Sunday (12 March).

Binance News: The world's largest crypto exchange by market share, Binance, has recently updated its Proof-of-Reserves (PoR) system to add 11 new cryptocurrencies.  These include the likes of 1inch (1iNCH), Mask Network (MASK), Dogecoin (DOGE), and Curve DAO Token (CRV), among others.

On 12 February, a whale transferred $1.09 million worth of 1inch Network [1INCH] into Binance, Lookonchain revealed. Usually, a transfer of this magnitude infers an intent to sell.