• About
  • FAQ
  • Landing Page
  • Buy JNews
Newsletter
Crypto News
Advertisement
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Crypto News
No Result
View All Result

1inch Token Dumps 61% in Post-Launch Selloff

by
December 28, 2020
in Uncategorized
0
1inch Token Dumps 61% in Post-Launch Selloff
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Token prices for the 1inch decentralized exchange have plummeted just three days following its post-launch pump as airdropped tokens get dumped on markets.

The new 1INCH token went from zero to hero on December 25 following its launch and listing on Binance. Following a pattern that the majority of new DeFi tokens have made this year, prices surged from around $0.20 to over $2.50 for a few hours on Christmas Day.

That pattern, however, has ended in a dump for many of its DeFi brethren, and 1INCH appears to be following suit as it has shed dramatically over the past few days, according to Coingecko.

Related articles

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

January 17, 2021
Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

January 16, 2021
1inch price
Chart – coingecko.com

At the time of writing, the new token was trading at $1.12, a slump of 61% since its peak just three days ago as the selloff continues.

Why All the Hype?

1inch is a DEX aggregator that sources liquidity from various sources, making it possible to spread a single transaction across multiple decentralized exchanges. On December 25, it announced the new governance and utility token, sparking a wave of FOMO.

Mimicking Uniswap, the DEX also had an airdrop for previous users of the platform. Tokens were dished out to users that had made at least one trade before September 15, or at least four trades in total, or trades for a total of at least $20.

Researcher at The Block, Igor Igamberdiev, observed that around half of the addresses eligible to claim 1INCH tokens had done so within 24 hours of the launch. He added that almost 25% of wallets sold all their tokens at once after a claim and only 19% had held or staked them on the protocol.

1/6
Currently, 49% of addresses eligible to claim $1INCH tokens have done so.

They took 75% of what was originally available on a $1INCH distributor smart contract. This is primarily because many big claimers are liquidity providers, and they needed to create markets. pic.twitter.com/HTx9CqeZ1Q

— Igor Igamberdiev (@FrankResearcher) December 26, 2020

The token, like most others, has been designed for protocol governance and staking purposes. But just like other protocols, such as Uniswap, it is largely the whales that are in the driving seat. Igamberdiev notes;

“One of the whales that claimed 9.7M tokens deserves special attention. He has already sold 6.7M 1INCH on Binance, and the remaining 3M in the staking contract gives them 80% of the total DAO voting power.”

A Failed Model?

This model of airdropping tokens to incentivize community participation clearly doesn’t work since most of them are sold off soon after they’re received.

This was the case with Uniswap, as UNI prices slumped 70% in the six weeks that followed the airdrop and token launch. This left the whales, such as Dharma, with the lion’s share of tokens and in a position to manipulate governance proposals.

1inch also seems to have a single whale now in control of what should have been a decentralized governance system.

For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.

The post 1inch Token Dumps 61% in Post-Launch Selloff appeared first on Altcoin Buzz.

Share76Tweet47

Related Posts

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

by
January 17, 2021
0

Researchers at the International Monetary Fund (IMF) have examined the central bank laws of 174 IMF members to answer the...

Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

by
January 16, 2021
0

Ethereum has seen some intensely bullish price action throughout the past couple of days, with bulls sparking a massive upside...

BTC crash, DOT crushes XRP, man risks losing $262M: Hodler’s Digest, Jan. 10–16

BTC crash, DOT crushes XRP, man risks losing $262M: Hodler’s Digest, Jan. 10–16

by
January 16, 2021
0

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph...

Traders say Bitcoin price ‘needed pullback’ to maintain bullish momentum

Traders say Bitcoin price ‘needed pullback’ to maintain bullish momentum

by
January 16, 2021
0

Analysts say Bitcoin price needed to “slow down” in order to maintain the bullish momentum needed for the next leg...

A Russian Operation Is Mining Bitcoin in the Arctic Circle for Cheap Electricity

A Russian Operation Is Mining Bitcoin in the Arctic Circle for Cheap Electricity

by
January 16, 2021
0

A Russian company is leveraging the Siberian city of Norilsk located above the Arctic Circle in order to mine bitcoins....

Load More
  • Trending
  • Comments
  • Latest
SushiSwap’s SUSHI Surges 20% Again After Ethereum Price Correction

SushiSwap’s SUSHI Surges 20% Again After Ethereum Price Correction

December 6, 2020

Services Could Help Investors Rate Crypto Currencies

December 6, 2020

3 Factors That Made Bitcoin Become so Valuable Last Year

December 6, 2020
Snowden: The Dollar Has Lost 99% Of Its Value Against Bitcoin

Snowden: The Dollar Has Lost 99% Of Its Value Against Bitcoin

December 7, 2020
IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

0

China Is Reportedly Moving To Clamp Down On Bitcoin Miners

0

Inside the Chinese Bitcoin Mine That’s Grossing $1.5M a Month

0

All You Need to Know About This Whole SegWit vs. SegWit2x Thing

0
IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

January 17, 2021
Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

January 16, 2021
BTC crash, DOT crushes XRP, man risks losing $262M: Hodler’s Digest, Jan. 10–16

BTC crash, DOT crushes XRP, man risks losing $262M: Hodler’s Digest, Jan. 10–16

January 16, 2021
Traders say Bitcoin price ‘needed pullback’ to maintain bullish momentum

Traders say Bitcoin price ‘needed pullback’ to maintain bullish momentum

January 16, 2021
Crypto News

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Abra
  • Altcoin News
  • altcoins
  • Altseason
  • Binance
  • Binance (BNB) News
  • Binance Coin (BNB)
  • Binance Smart Chain
  • bitcoin
  • Bitcoin
  • Bitcoin (BTC) Adoption
  • Bitcoin (BTC) General News
  • Bitcoin (BTC) News
  • Bitcoin (BTC) Predictions
  • Bitcoin Cash (BCH)
  • Bitcoin Cash (BCH) General News
  • Bitcoin dominance
  • bitcoin network
  • Bitcoin price
  • Bitstamp
  • Bittrex
  • Blockchain
  • Blockchain News
  • bloomberg
  • Brad Garlinghouse
  • Business
  • Cameron Winklevoss
  • ChainLink
  • ChainLink (LINK)
  • Chainlink (LINK) News
  • Chainlink Price Prediction
  • Changpeng Zhao
  • charlie lee
  • CME Group
  • coinbase
  • Coinmarketcap
  • cryptocurrency
  • Dash (DASH)
  • DeFi
  • DeFi Pulse
  • Electric Coin Company
  • ETH 2.0
  • ETH2.0
  • Ethereum
  • Ethereum (ETH)
  • Ethereum (ETH) News
  • Ethereum 2.0
  • Ethereum Classic (ETC)
  • Ethereum Futures
  • Ethereum Network
  • ethereum price
  • Ethereum price analysis
  • Ethereum Staking
  • Ethereum Upgrade
  • Ethereum Upgrades
  • Flare Networks
  • Flare Networks Snapshot
  • Gemini
  • google
  • Grayscale
  • Grayscale Bitcoin Trust (GBTC)
  • Guide
  • Guides
  • Institutional Investors
  • justin sun
  • JustSwap
  • LINK Marines
  • Litecoin
  • Litecoin (LTC)
  • Litecoin (LTC) News
  • Litecoin Development
  • litecoin foundation
  • Litecoin MimbleWimble
  • Market
  • MicroStrategy
  • MimbleWimble
  • Mining
  • Monero (XMR)
  • News
  • NFT
  • NFTs
  • Non-Fungible Tokens
  • Other
  • Poloniex
  • Prices
  • Regulation
  • ripple
  • Ripple
  • Scams and Hacks
  • sec
  • Securities and Exchange Commission
  • Spark Token (FLR)
  • Spark Token Airdrop
  • Spark Tokens (FLR)
  • Tron (TRX)
  • TRON (TRX) News
  • Tron Foundation
  • Twitter
  • Tyler Winklevoss
  • Wallets and Exchanges
  • XRP
  • XRP News
  • XRP Price Prediction
  • Yearn Finance (YFI)
  • Zcash (ZEC)
  • ZCash Halving
  • Zeus Capital
  • Zilliqa (ZIL)
  • Zilliqa (ZIL) News
  • Zilliqa Staking

Tags

Altcoin Bitcoin drops Bitcoin Wallet Cointelegraph Cryptocurrency ICO Investment Lending Market Stories Mining Bitcoin

Newsletter

[mc4wp_form]

  • About
  • FAQ
  • Support Forum
  • Landing Page
  • Buy JNews
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2018 JNews by Jegtheme.