According to TokenUnlock’s calendar, vesting will release 1INCH network tokens worth over $111.5 million on December 30. According to the platform, more than $111.5 million represents approximately 222,187,500 1INCH or nearly 15% of its supply.
1INCH launched its token in December 2020, with only 6% released into general circulation. The network capped its total supply at 1.5 billion. The locked tokens would be released through vesting every two years until December 2024. The upcoming vesting on December 30 will be the second and final one for 2022.
According to CoinMarketCap, there were approximately 780 million circulating tokens at the time of writing. At the moment, the locking contract holds approximately 780,840,748 1INCH. When the unlocking is complete, approximately 890 million 1INCH will be in circulation by January 2023, representing 59% of the network’s total supply.
1INCH Token price to fall
The most recent 1INCH token unlocking event took place in June of this year. During that time, the coin’s exchange price fell by more than 25%, from $0.81 to $0.60. According to reports, a whale deposited over 15 million 1INCH on Binance just days before the unlocking event in June.
On December 2, Etherscan reported that the same whale deposited over 15 million 1INCH. On December 2nd, prices fell by about 3% as a result of this recent deposit.
Lookonchain, an analytical Twitter account, tweeted;
1INCH Foundation transferred out 15.56M 1INCH ($8M) 18 hours ago, and transferred to #Binance 4 hours ago.
The last time @1inch transferred out 15.56M 1INCH was on June 9, when the price of 1INCH dropped from $0.81 to $0.6 within a week, a drop of 25%.https://t.co/b7KWe6yES8 pic.twitter.com/ZpDjxh3kMj
— Lookonchain (@lookonchain) December 2, 2022
There is a widespread belief that the coin will continue to fall as the vesting event approaches. However, representatives from the 1INCH network explained that the 15 million token transfer was not theirs.
The coin may experience further decline after vesting. When a large number of coins are added to the market at the same time, their number increases, outnumbering genuine demand and causing price inflation. This could immediately make 1INCH inflationary, causing it to lose more value.
1INCH Price Analysis
1INCH Network’s price today is $0.3891, with a market capitalization of $ 582 million and a 24-hour trading volume up by 61.33%. Now it stands at $18 million. At the same time, the circulating supply is approximately 780,840,748 1INCH
Source: Coinmarket
Over the past 24 hours, the price of 1INCH has decreased by 4.46%, reaching $$0.3891, at the time of writing. Many people in the community are worried that the upcoming unlock will cause the DEX token to be dumped.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/over-222-million-1inch-token-set-to-be-unlocked-price-drop-ahead/