Here’s Why 1Inch Token Surged Over 100% in 24-Hours
1Inch, a Defi aggregator protocol token surged over 100% over the past 24-hours reaching a new all-time high of 8.6. The defi token rose from a daily low of $4.1 to register a new ATH before retracing to the sub $6 price range. The main catalyst behind the surge is being attributed to its latest listing on the Korean exchange Upbut that triggered the massive rally leading to a 1500% surge in trading volume as well.
Earlier, Coinbase was primarily known for surging token prices after listing announcements as well as on the day of listing due to a new influx of investors. Amid the newly revived bull market, Bitcoin price surge is often followed by altcoins, as $BTC is currently in consolidation phase post new ATH near $67,000, several altcoins have started to show bullish signs and price swings.
Along with 1Inch AAVE also defied market odds to trade in green due to its listing along with 1Inch on the Upbit crypto exchange. Apart from the listing fueled alt-rally, SHIBA INU, the meme currency was the biggest gainer with a 45% surge reaching a new ATH just below $0.00006. The meme currency managed to reach the 11th spot in the crypto ranking as its market cap reached over $20 billion, and just below $Dogecoin.
1Inch Network Activity on the Rise
1Inch might have surged because of the crypto listing on Upbit, but its network activity has also surged in the recent past showing a strong defi protocol in the making. 1Inch is currently 200K short of reaching the 1 million userbase milestone.
🦄👊 We're 200K away from reaching 1M users on the #Ethereum network…
🚀 It's time to go in high gear and switch to turbo mode!
🔗 https://t.co/gfRjZOJ5IF#DeFi #crypto #1inchCommunity #1inch pic.twitter.com/DSgDt9Lb40
— 1inch Network (@1inch) October 25, 2021
1Inch is slowly becoming one of the key Ethereum Defi members riding in the footsteps of Polygon which is currently leading the L2 user charts. The popularity of L2 Defi can also be estimated from the fact that the value of assets locked in these scalable solutions has breached $4 billion, seeing an increase of $2 billion within a month.
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