Ethereum DeFi Altcoins Rally After Whale Purchases
Two Ethereum (ETH)-based decentralized finance (DeFi) altcoins are surging after whales gobbled up large amounts of their tokens. The crypto tracker, Lookonchain, spotted these big moves.
1INCH Soars After Whale Purchases
The governance token of decentralized exchange (DEX) aggregator 1inch (1INCH) has seen double-digit gains following a significant purchase. A wallet associated with the investment fund behind the 1inch DEX just acquired 7.96 million 1INCH, worth $1.75 million. This wallet has been steadily accumulating 1INCH, purchasing a total of 22.4 million 1INCH, valued at $5.49 million, since July 5th. 1INCH is currently trading at $0.28, representing a 26% jump in the last 24 hours. Its market capitalization exceeds $358.9 million.
You can find more information on 1INCH at https://1inch.io/.
AAVE Also Sees Whale Activity
Lookonchain also observed a whale accumulating more than $6 million of AAVE, the governance token for the lending protocol Aave. AAVE is currently trading at $137, marking a 12.5% increase in the past 24 hours, and its market capitalization stands at $2.05 billion.
For more on AAVE, visit https://aave.com/.
While these whale purchases are certainly noteworthy, it is important to remember that the cryptocurrency market is highly volatile. Investors should always conduct thorough research and consult with a financial advisor before making any investment decisions.
