With the increasing penetration of DEX in the crypto trading space, an aggregator that gets you the best buying and selling price across numerous decentralized exchanges is what 1inch offers. On the one hand, the idea of decentralization is slowly spreading across the world with emphasis on domains beyond finance.
1INCH Network is a platform that enables one to undertake one of the fastest and most secure transactions in the Decentralized Finance space (De-Fi). As a network, it searches for the best value across multiple liquidity sources and offers the best rates on offer rather than going with what your decentralized exchange is offering.
Its wallet is capable of both staking and secure storage of digital assets. It has put into place a suitably robust ecosystem with a large number of protocols. From 1INCH Aggregation Protocol, 1INCH Liquidity Protocol, 1inch Limit Order Protocol, 1inch Wallet, and other tools required to realize its idea. Not only buyers and traders but even the liquidity providers benefit from participating in the 1inch ecosystem.
Wondering what the 1INCH token is meant for? Well, each decentralized exchange or network is developed and run by a group of authority holders. To decide the governance of such a progressive network, 1inch launched the 1inch token. Holders of 1INCH have voted on various parameters under the DAO model. Scroll down for detailed price analysis on 1INCH and additional capabilities.
1INCH Price Analysis
On the surface, any token, ecosystem, or cryptocurrency might have some sentimental and theoretical data, but in reality, its value is decided by buyers and sellers. The same is true with the 1INCH token, which has close to double a day before succumbing to profit booking.
Consolidation of any asset results in the breakout, whether the time taken might be large or small. 1inch was stuck in a range between $2.23 to $4 before we witnessed a strong breakout. The largest transaction volumes followed it in the history of 1INCH. Could this have happened because of the rise in popularity of its network, but given a single candle rise and fall in the next, it was more likely a panic buying and panic profit booking scenario.
1INCH has strong support at $4, and above that, it can potentially attempt to maintain its positive stance. Panic buying in Doge, Shiba has already fuelled investors to take hold of any unusual rally. When such rallies result in tremendous profits, people start to book their profits. Considering the USD 80 billion of transaction volumes going through the 1INCH network, 1INCH token value at $5 with a market capitalization of close to a billion USD. As per the current 1inch price prediction, we can say that there is an absolute sustainable method of raising the value of 1INCH token without a subsequent increase in the trading volumes that happen on its network.