The trading volume of the 1inch Token, which drives the 1inch Network, has increased significantly on the South Korean market Upbit. This morning, it emerged as the top gainer in the cryptocurrency market, with a 19% overnight gain.
The governance token of the decentralized exchange aggregator has been steadily rising over the last week. It has risen by 67% in the last year. Other cryptocurrencies, meanwhile, remained relatively constant, with Bitcoin (BTC) trading within a limited range.
Surprisingly, South Korea has seen a significant spike in trade volume, similar to what was seen during the recent price increases in Bit currency Cash (BCH). With a 24-hour volume of $360 million, 1inch became the second most traded coin on Upbit. This means it outperformed its 30-day average by more than 15 times.
Short liquidations occurred in the perpetual swap markets as a result of the price increase. Perpetual swap contracts are a sort of derivative instrument that allows for leveraged betting on the price of an asset with no expiration date. Short liquidations happen when traders who bet on a price decrease are compelled to close their holdings due to an increase in price.
Furthermore, the 1inch Token has seen considerable inflows and outflows from exchanges. Notably, $2.44 million in 1inch tokens were transferred from the wallets of a failed crypto lender. In the last seven days, however, there was a significant withdrawal of 16.90 million 1inch tokens worth $9.63 million from Binance. This is a lot of big movements in a short amount of time.
NEWS: 🚨The #1inch Token is soaring to new heights, it's currently the top gainer in the market, up 19% overnight. 📈
— Walletor (@walletorapp) July 17, 2023
All of this market volatility and anomalous fluctuation suggests that the token’s price is being controlled by unknown entities. Only time will tell where the token’s future will take it. The token is currently worth $0.57.
Conclusion
Finally, the 1inch Token has seen a significant increase in trading volume and price, particularly in South Korea. With the token’s growing popularity and more attention from traders, volatility remains an important consideration. Investors and market analysts will be watching closely to see how this pattern evolves in the following days.
