The balance of 1Inch tokens held in centralized exchange has surged by a remarkable 50% within just three days, based on insightful data from Glassnode.
This surge has propelled the total value held to an unprecedented high of over $65 million. This surge in exchange wallet balance indicates a significant movement of investor coins onto exchanges, a phenomenon often associated with potential price volatility in the market.
On Tuesday, the price of 1INCH tokens experienced a decline of 10% to 36%. This drop can be partly attributed to profit-taking by a major holder and selling activities by Celsius, a crypto lender.
Per Prithvir Jhaveri, co-founder and CEO of Loch Research, stated “The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,”
These recent developments underscore the dynamic nature of token movements and their potential impact on the broader cryptocurrency market.