Lookonchain revealed that on February 12th, a whale transferred $1.09 million worth of 1inch Network [1INCH] into Binance. Typically, a transfer of this magnitude indicates a desire to sell. However, the on-chain smartmoney track indicated that the said whale’s most recent transfer occurred in August 2022.
According to an evaluation of the sale, the whale selling the tokens would incur a realized loss. This was due to the fact that the average price of the 10 million 1INCH accumulated was $0.83, while the token was trading at $0.53 as of this writing. So, has the value of 1INCH suffered as a result of this whale action?
According to CoinGecko data, the 1INCH exchange rate against Bitcoin [BTC] fell by 0.8% in the last 24 hours. The token’s performance against the US dollar, on the other hand, was entirely different.
The Moving Average Convergence Divergence (MACD) on the daily chart shifted momentum in favor of the bears. The orange dynamic line was rated higher than the blue line at the time of writing. This state’s explanation points to seller control.
However, both lines trended downward, indicating that selling pressure was not particularly intense for bulls. However, because the 12 to 26 EMA close remained below the equilibrium MACD point, 1INCH was likely to remain in a similar condition in the short term.
The Directional Movement Index (DMI) indicated a red area along its trajectory. The +DMI (green) was down to 16.45 in the image above, while the -DMI (red) was lower at 12.95. The Average Directional Index (ADX) also fell, with little support for an uptick or downturn.
Despite the possibility of a decline, the 1INCH network reached a significant milestone on February 10 with its Ethereum [ETH] swaps. According to the activity, the blockchain distributed network reached seven figures on the mentioned date.
Santiment data showed that its volume increased by 123.79% in the last 24 hours. However, the increase in network transactions does not imply that tokens exchanging wallets resulted in profits, especially given the seven-day 1INCH performance.
Furthermore, the exchange inflow peaked in February on the day the whale transferred. The movement of assets from non-exchange wallets to CEXes is described by the exchange inflow. However, press time data from the on-chain platform revealed that the inflow had decreased to 161,000, indicating resistance to selling more tokens.
