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1inch Token Sees Temporary 100% Jump to New All-Time High at $8.65

UTC by Tolu Ajiboye · 3 min read
1inch Token Sees Temporary 100% Jump to New All-Time High at $8.65
Photo: Depositphotos

Although 1INCH has now fallen to less than $6 at press time, the governance token hit a new all-time high after a relatively uneventful week.

1INCH, the native governance token of DEX aggregator 1inch, experienced a surge of over 100% this morning, hitting a new all-time high. Although the price surge was brief, it was enough to net the Decentralized Finance wallet platform a $8.65 price. In addition, 1INCH’s price surge came after a relatively quiet week for the token. Throughout last week, 1inch hovered between a high of $4.53 and a low of $3.72. The recent 1INCH spike is coming at a time when other decentralized finance tokens are experiencing mixed price results.

1INCH shot up from $4.18 to $6 in almost thirty minutes at about 7:00 am BST. The digital asset then ranged briefly at this price level before spiking further to its new all-time high shortly after. However, since cresting at $8.65, 1INCH has retraced slightly and is currently changing hands at $6.87. This represents a 65% increase within the last 24 hours.

Despite 1inch All-Time High Price Surge DeFi Sees Mixed Performances

However, 1inch, which picks out cheap crypto prices across DeFi exchanges, is not the only platform to see its token rise recently. Aave, a DeFi lending protocol, also saw its native token AAVE cap a positive price run. AAVE surged by 5.8% and 19.2% over the past month and week, respectively. In addition, within the last 24 hours, the token has spiked by all of 27.2% to its current price of $427.

Conversely, a few other DeFi tokens were in the red today. For instance, Uniswap, a crypto exchange, underperformed throughout last week. The prominent platform dropped by 4% across the last seven days and approximately 10% within the last 24 hours. Currently, its price sits at just over $25.

Sushiswap and Maker have also been on the downturn recently. The former, viewed by many as Uniswap’s closest rival, shed 7% within the last 24 hours. In addition, in the last hour alone, Sushiswap dipped by 3% and now sits at $10.90. Similarly, Maker is also facing an underperforming run. The backers of the decentralized DAI stablecoin fell by 8.6% during the last 24 hours. Maker’s current price now stands at just over $2,300.

1inch Readies Separate American Platform

Last month 1inch blocked out US trades in preparation for a separate American platform. The platform restricted US users since April, but only recently began geofencing US IP addresses. A representative for 1inch explains that the move was to pave the way for a new product launch in the US. A statement issued read:

“The 1inch Network is in the process of collecting the Series B funding round that has now grown to $175M (instead of $70M as was planned before). A significant part of these funds will be used for the development and launch of the 1inch Pro product, which is specifically designed for the US market and for global institutional investors in accordance with all the regulatory requirements”.

1inch remains the most dominant DEX aggregator on the market, according to The Block, accounting for nealy two-thirds of overall volume.

Altcoin News, Blockchain News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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