Yesterday, the price of 1INCH saw a notable 12% increase, largely driven by purchases from the 1inch team itself. This surge in value highlights growing confidence from the project’s core team.
However, this positive momentum is met with a significant counterforce: Pantera Capital, a major institutional investor, has been steadily offloading its 1INCH holdings.
Just two hours ago, Pantera Capital transferred 13.65 million 1INCH, worth approximately $3.55 million, to Coinbase Prime. This move is part of a larger sell-off strategy that Pantera Capital began 28 days ago, on July 23. Over this period, the investment firm has transferred a total of 59.11 million 1INCH, valued at $17.87 million, to Coinbase Prime.
Pantera Capital initially acquired 96.5 million 1INCH through its investment in the project. The recent sales represent a significant portion of their holdings, signaling a potential shift in their long-term outlook on the token. While the reasons behind Pantera’s decision to sell are unclear, their actions introduce uncertainty into the market, even as the 1inch team’s purchases attempt to bolster the token’s value.
The contrasting actions of these two influential entities—one buying and the other selling—create a mixed outlook for 1INCH in the short term. On one hand, the support from the 1inch team suggests confidence in the project’s future. On the other hand, Pantera Capital’s continued sell-off may indicate a more cautious or bearish stance.
As the market digests these developments, the future trajectory of 1INCH remains uncertain, with traders and investors closely watching for any further moves by either the 1inch team or Pantera Capital.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: balage941/123RF // Image Effects by Colorcinch
Analysts Forecast Major Price Gains for Cardano and IntelMarkets; Tron Hits Another Milestone The Tron…
ADA Whales Bullish on Hybrid TradFi Token as Presale Erupts Past $2.6M; XRP Shows Strength…
The price of Bitcoin has remained stable at around $59K in the past 24 hours.…
In the cryptocurrency market, known for its extreme volatility, token prices can vary dramatically. The…
Qubetics Presale Ready to Redefine the Future While Arweave Price Decline and Theta's Rapid Trading…
Last week saw significant shifts in Smart Money accumulation trends. Notably, $TURBO has now joined…