According to Onchain data, developers of a cryptocurrency project added their own tokens to their wallets with the decline.
In onchain data provided by crypto analyst Ember, it was observed that the 1inch developer team started purchasing 1INCH tokens again. The developers purchased 6.69 million 1INCH by paying $1.67 million.
However, since July 5, developers have purchased 11.45 million 1INCH tokens for a total of $2.99 million at an average price of $0.26.
The 1INCH price is trading at $0.2472 at the time of writing. The altcoin’s price has lost approximately 32% in the last month. The loss rate over the last year has remained relatively constant at 1.88%. On the other hand, the altcoin’s price has climbed to $0.68 over the last year.
On the other hand, it is noteworthy that the purchase in question came at a time when the cryptocurrency market was in a downturn. Bitcoin price has lost 4% in the last 24 hours and is trading at $59,036, below $60,000 at the time of writing.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/developers-of-this-altcoin-start-buying-their-own-tokens-during-a-market-slump/