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1inch Wallet Buys $10M Worth of Ethereum in the Midst of Market Volatility
08/29/2023

1inch Wallet Buys $10M Worth of Ethereum in the Midst of Market Volatility

08/29/2023
4,4

A wallet owned by 1inch Investment Fund bought 6,088 ETH (or $10 million). This was reported by Lookonchain, specialising in blockchain data analysis.

In the midst of the volatility in the cryptocurrency market, 1inch is making a bold move by investing $10 million in the second largest cryptocurrency on the market, Ethereum. The Lookonchain data reveals that the company has accumulated 6,088 ETH at an average price of $1,655 apiece.

The recent action comes just a month after 1inch cashed out of a dollar-cost averaging acquisition. Overall, the company is known for its strategic moves. Earlier this year, 1inch made several purchases totalling 17,000 ETH (or roughly $26.8 million). These transactions came at an average price of $1,569.

Meanwhile, on 5 July, when Ethereum was seeing growth, the company sold some of its assets, raising a total of $21 million. Currently, the wallet's total value is $80 million.

1inch is an influential player in the DeFi industry. And the company's recent moves have sparked a ton of speculation in the crypto community on the future of the market. Some assume that the Ethereum purchase is part of 1inch's big advanced strategy. The company recently offered its platform users access to new features related to lower transaction fees.



Meanwhile, whilst there is increased volatility in the cryptocurrency market, users will be closely eyeing the actions of major players such as 1inch.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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