The 1inch team has been strategically maneuvering within the crypto market, recently executing a significant buyback of its 1INCH token.
According to recent data, the team spent 1.751 million USDC to repurchase 7.961 million 1INCH tokens at an average price of $0.22.
This buyback is part of a broader strategy that began on July 5, 2024, during which the team has invested a total of $5.5 million in USDC and USDT to purchase 22.45 million 1INCH tokens at an average price of $0.245, capitalizing on market lows.
This calculated approach follows a period between March 1, 2023, and January 14, 2024, when the 1inch team allegedly sold 16.97 million 1INCH tokens for $7.88 million on decentralized exchanges and platforms like Binance and Kraken via Wintermute.
The average selling price during this period was a much higher $0.464 per token. This pattern suggests a strategic “buy low, sell high” approach, allowing the team to accumulate tokens at lower prices while realizing profits during market highs.
1Inch Wallets Still Holds 34 Million 1INCH
As of now, the 1inch team’s wallet holds 34.698 million 1INCH tokens, valued at approximately $7.63 million. This accumulation reflects the team’s confidence in the long-term value of their token and their commitment to supporting the project’s ecosystem.
The @1inch Investment Fund just spent 1.75M $USDC to buy back 7.96M #1INCH at the bottom again!
Since Jul 5, 2024, the team has spent $5.5M to purchase 22.45M #1INCH at ~$0.245, during almost every low.
Notably, between Mar 2023 and Jan 2024, the team allegedly sold 16.97M… pic.twitter.com/HjHiJ4RdzG
— Spot On Chain (@spotonchain) September 4, 2024
These actions indicate a deliberate strategy to maximize value from market fluctuations, reinforcing the team’s position within the DeFi space. By selling during higher market conditions and repurchasing at lower prices, the 1inch team demonstrates a proactive approach to managing its assets, which could bode well for the future stability and growth of the 1INCH token. However, as with all investments, it remains crucial for investors to conduct their own research and remain aware of market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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