TL;DR Breakdown:
- DeFi token 1inch spiked over 100 percent today, reaching a new ATH of $8.6.
- The rally follows the Upbit listing announcement, including an upsurge in 1inch network activities and users.
Hours leading to publication time, the native cryptocurrency of decentralized exchange (DEX) aggregator 1inch was seen at another record high in market price, including trading volume.
From as low as $4.1, the 1inch token suddenly skyrocketed to a new ATH of $8.6, which represents a more than 100 percent increase. More interestingly, the trading volume for 1inch spiked by 1580.16 percent to $2.91 billion. However, the price has slightly begun to drop as investors may be cashing in some profits.
During the time of writing, the token price was down to $5.9, bringing the total market capitalization to $1.1 billion – the 96th largest in the crypto market.
What’s behind the pump?
Based on technical analysis, some traders already foresaw this pump coming. On Tuesday, a technical analyst at TheBirbNest predicted the breakout, and it played out today.
Outside TA, there are also some developmental factors that could be behind the pump today.
1inch token set to debut on Upbit
The announcement about a 1inch token listing on the leading South Korean cryptocurrency exchange, Upbit, is another plausible reason behind the sudden spike in the DeFi token.
Before the market value of 1inch began increasing, Upbit announced it would be listing the token alongside two other DeFi tokens – AAVE and MASK – on the South Korean Won (KRW) and Bitcoin (BTC) markets today. The exchange began accepting deposits on the three tokens 30 minutes after the listing announcement. The three tokens are currently up during the time of writing.
Upsurge in network activity
The growth in market demand and price of 1inch can also be traced to the massive number of users on the network. As of October 26, the total number of users on the 1inch protocol increased to 800k – a 200k gap to hitting a milestone record of one million global users on the Ethereum blockchain.
1inch is also ranked among the top-ten protocols on the Ether (ETH) burn leaderboard, which attests to the strong activities and values transacted on the network. It remains to be seen if this trend would be strong enough to birth a double-digit valued 1inch.
