1Inch token spikes 1000% on Christmas day right after Binance announced its listing and reached $2.60 in a few hours. Also, one trader received $27 million in tokens as a giveaway so let’s learn more about it in the latest altcoin news.
Yield farmers and DeFi token aficionados had a merry Christmas thanks to 1inch which is a young and unknown token that in a few hours surpassed many other crypto’s performances in the top 100 cryptocurrencies with the biggest market cap. 1inch is a decentralized exchange aggregator which sources liquidity from the various exchange which made it possible to use the smart contract to spread one single transaction across a few decentralized exchanges.
The protocols is governed by a DAO but 1inch has been in development since 2019 which has received funding from Binance Labs, GreenField One, Galaxy Digital, Dragonfly Capital, Libertus Capital, IOSG, FTX, and Divergence Ventures. It was not until Christmas of 2020 that it started to ring the bells for serious traders and crypto supports because there was a 1000% spike in price after being listed on Binance.
During Christmas day, binance surprised the community with the announcement of support for the 1inch token. The tweet received more than 700 likes and spread through social media. When the token started trading, it increased by 1200% from $0.2 to $2.60 and the daily trading volume surpassed $106 million. The rise of 1000% was the main topic of the conversation for the DeFi supporters during the day. Even CZ was surprised:
— CZ Binance (@cz_binance) December 25, 2020”
After the major spike, the token experienced a slight correction and dropped to a low of $2.2 before the new rebound above $2.9. After this, the token had a sharp drop to $1.8 where it found some stability but traded sideways near the $2.5 key resistance. The 1inch team was quite busy since with the listing, the protocol airdropped tokens to traders that had used the platform before September 15th.
The 1inch token spikes 1000% thanks to both the listing and the airdrop since the last one served to all those who used the platform to make 4 trades which gave a total of 55200 eligible addresses to claim the tokens. while the users had another reason to be happy about, one user of them all received 9,749,686,003 tokens worth $27.5 million at the maximum price of $2.8 per token.
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