Tech

1Inch Network reached a new milestone on Optimism, should you be happy

04/20/2023
Bitcoin Ethereum News


  • Despite the new achievement, investors’ interest in 1INCH declined.
  • 1INCH’s weekly chart flashed a green signal, and a few metrics were bullish too.

1Inch Network [1INCH] reached a new milestone on the Optimism [OP] platform, thus reflecting its increased usage. Reportedly, the number of swaps via 1Inch on the Optimism network surpassed the 1 million mark.

How much are 1,10,100 1INCHs worth today? 

1INCH’s network health at question?

Though this new achievement looked encouraging, 1INCH’s other network stats were not very satisfactory. For instance, Token Terminal’s data revealed that except for 2 April, 1INCH’s network fees and revenue remained considerably low. A lower fee typically indicates a decline in the usage of the network.

Besides, stakers interest in 1INCH also seemed to have declined, as evidenced by a steep drop in the number of stakers in the last 30 days.

In the last 24 hours alone, the number of 1INCH stakers declined by more than 6%. 

Source: Staking Rewards

The same declining interest was once again proven by CryptoQuant’s chart, which highlighted a drop in active addresses last month.

Source: CryptoQuant

Can 1INCH’s price action help?

Considering the aforementioned metrics, a further increase in 1INCH’s price might be helpful in strengthening investors’ interest.

Well, the price hike can be expected in the near term, thanks to a couple of developments that have played a role in 1INCH’s favor. For instance, Binance recently removed 1INCH from its Innovation Zone. 

The Innovation Zone was introduced to give Binance users a safe place to trade new and innovative projects. Binance mentioned that over time, 1INCH proved its worth and met the high standard that the exchange expected. This development looks bullish for 1INCH.

Interestingly, the announcement did have an impact on 1INCH’s price, as it increased by more than 5% in the last seven days. According to CoinMarketCap, at press time, 1INCH was trading at $0.5585 with a market capitalization of over $455 million.

Read 1inch Network’s [1INCH] Price Prediction 2023-24

Metrics were bullish too!

As per Santiment, 1INCH’s weighted sentiment registered an improvement lately, thus reflecting a strong positive sentiment around the token. The whales were also confident about 1INCH, something that was evident from the rise in the amount of supply held by top addresses.

On the other hand, 1INCH’s net deposits on exchanges were low compared to the 7-day average, which hints at lower selling pressure. However, the negative signal was 1INCH’s declining network growth, which was on a downtrend. 

Source: Santiment

Source: https://ambcrypto.com/1inch-network-reached-a-new-milestone-on-optimism-should-you-be-happy/