In a recent strategic move, the 1INCH team, ranked 140th by market volume, has been actively buying tokens available in the market. This initiative marks a significant shift from their historical trend of notable sales. According to Spot on Chain, the team acquired over 9 million tokens, making headlines in the cryptocurrency community.
Second Major Purchase Raises Questions
What adds intrigue to this situation is that this purchase is the second substantial buy within a short span of hours. The timing of these acquisitions has sparked curiosity among market watchers, as it complicates the market dynamics. Lookonchain revealed another recent purchase by the team, involving 7.96 million 1INCH tokens for around $1.75 million.
Impact on Market Value
After these purchases, the price of 1INCH rose sharply, breaking past $0.27 and exceeding $0.28. According to Lookonchain, these strategic buys were perfectly timed with market lows, showcasing the team’s keen market sense. This price surge has caught the attention of investors and analysts alike.
Key Insights for Investors
Here are some valuable takeaways for investors observing the 1INCH market:
- The 1INCH team’s purchases signify confidence in the token’s future value.
- Strategic timing of buys at market lows can lead to significant price movements.
- Recent activities have led to a sharp increase in both market cap and trading volume.
1INCH, launched in 2020, has managed to maintain its position despite market fluctuations. Following the team’s recent purchases, the token’s price surged, reaching $0.2837—a 25% increase in just 24 hours. This contrasts with Bitcoin, which only saw a 1% rise after JOLTS data release.
The token’s activity has also boosted its market cap to $355 million, with a trading volume spike of 576%, reaching over $120.5 million. Although the precise strategies behind the 1INCH team’s purchases remain unclear, these actions have positively impacted investor sentiment.