Bitcoin price has just hit a new all-time high above $25,000 for the first time ever. With this major altcoins and defi tokens also surged with massive gains. The currently hyped defi token is 1Inch token. 1inch price Spiked 1000% in Christmas after being listed on major exchanges.
Decentralized finance platform 1inch has introduced a utility and governance token – the 1INCH toke. This is used for both the platform’s automated market maker protocol and its decentralized exchange aggregator service.
As Per the announcement, 1inch Network will now be governed by a DAO, and with it, the 1inch Foundation introduced their Aggregation Governance module, a Liquidity Protocol Governance module, and the 1INCH TOKEN Liquidity Mining Program. Furthermore, all wallets registered before December 24 will receive 1INCH tokens as long as they meet one of the stated conditions.
1Inch Price Analysis
1inch price today’s $2.01 USD with a 24-hour trading volume of $570,556,866 USD. 1inch is down 20.05% in the last 24 hours. The current CoinMarketCap ranking is #153, with a market cap of $52,242,927 USD. It has a circulating supply of 25,972,246.
On December 25th, 1inch went from $0.2 to $2.60 in hours after the Binance listing. Additionally, a trader received $27 million in tokens as a giveaway. This rise of more than 1000% was no doubt the talk of town for DeFi fans this Christmas.
During the Christmas of 2020, Binance surprised the community with the announcement of support for 1inch. Following this, the token went up by 1200%: from $0.2 to $2.60, and the daily trading volume exceeded $ 106 million.
Looking ahead, after this major spike, the token experienced a correction, dropping to a low of $2.2 before a new rebound up to $2.9. later, the 1inch price dropped all the way down to $1.8, where it seems to have found some stability, trading sideways between that level and $2.5 as key resistance.