1inch (1INCH) has emerged as one of the top-performing cryptocurrencies in the past 24 hours, with its native token increasing by over 22% at the time of writing.
This notable rise comes as the multi-chain aggregated liquidity platform benefits from a broader uptick in crypto prices on September 4.
The 1INCH token surged from a low of $0.22 earlier in the day to trade above $0.28.
This upward momentum coincided with Bitcoin’s brief spike above $58,500.
Despite a significant outflow from spot Bitcoin ETFs the previous day, which saw BTC dip to around $55,700, 1INCH’s rally reflects a broader market trend.
1inch team buys 7.96 1INCH tokens
On Wednesday, September 4, 2024, 1inch price rose double digits and reached its highest level in two weeks.
While some of the gains mirrored an uptick in altcoins amid Bitcoin’s surge to above $58.5k, 1inch recorded the flip into the green on key network-related news. This happened after the team completed a 7.96 million 1INCH token purchase.
This purchase was worth $1.75 million, crypto on-chain data tracker Lookonchain noted. In this case, the 1inch team spent 1.75 USDC to repurchase the tokens for $0.22.
However, the project has bought back over 22.4 million 1INCH tokens since July 5, 2024. The total outlay on these purchases stands at over $5.49 million, with these completed at an average price of $0.25.
After the #1inch team bought 7.96M $1INCH($1.75M), the price of $1INCH broke through $0.27, an increase of more than 20%!
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1inch hits key monthly milestones despite price weakness
The 1inch protocol has recorded significant growth since its launch in May 2019, with traction in the decentralized finance space seeing the rollout of several DeFi tools. These include the platform’s Liquidity Protocol, the 1inch Wallet app, and peer-to-peer transactions.
Notably, the total value locked on the network has plateaued since plummeting from highs of $2.2 billion in February 2021. However, the project is picking fresh momentum in terms of on-chain activity despite price struggles since 1INCH plunged from highs of $0.68 in March.
A second quarter 2024 report on 1inch metrics showed an increase in volume and transactions on Ethereum and Base network. That has continued into August, with metrics showing 1inch’s growth including gas fee adjustments, contests, and key integrations across the market.
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In August, Telegram-based artificial intelligence-enabled web3 wallet Nicegram integrated 1inch’s Swap API. The collaboration also unveiled a $1,000 USDC contest that will end on September 27.
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