15% of 1inch token supply worth over $100 million to be unlocked on Dec. 30 15% of 1inch token supply worth over $100 million to be unlocked on Dec. 30
Some members of the community have expressed fears that the upcoming unlock could lead to the dumping of the DEX token.
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Updated: Dec. 5, 2022 at 3:33 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
About 15% of the 1INCH token total supply will be unlocked on Dec. 30, according to the Token Unlocks dashboard.
According to the blockchain analytical platform, 888,750,000 (59.25%) of 1INCH tokens are currently locked –the dashboard shows that 222,187,500 (worth $111.426 million) 1INCH tokens would be unlocked on the last day of this year.
1INCH has a total token supply of 1.5 billion. According to the dashboard, 450 million tokens were allocated for community incentives, while 217.5 million tokens were assigned to the protocol’s growth fund.
The rest -over 900 million tokens- were allocated to the project insiders like the team, seed investors, series A investors, and its advisors.
As of press time, there are 668.97 million tokens in circulation.
1INCH community fears dumping
Some community members have expressed fears that the upcoming unlock could lead to the dumping of the DEX token. Crypto Bullet said the token could drop by as much as 40%.
#1inch looks bearish for the next couple of months
The price is losing the vital $0.51 support.
We can easily see a -40% drawdown from here
👉 Big #1inch Unlock is coming! ~ 222.1M tokens will be unlocked on December 30th❗️
For reference, current circulating supply is 664.9M pic.twitter.com/Il4a1XXHCU
— CryptoBullet (@CryptoBullet1) December 4, 2022
Lookonchain reported on Dec. 2 that 1inch Foundation transferred $8 million worth of 1INCH tokens from its wallet to Binance. According to the crypto analyst, the last transfer of such magnitude resulted in a 25% drop in 1INCH price.
That is not from the 1INCH foundation wallet.
It is via a early investor because they have claimed through vesting contract, the date that 25% drop happened the whole market did, 1INCH does have a btc and eth pair so when these pairs increase be ready for pump too pic.twitter.com/2YDgSmymsU
— Don Yakka (@DonYakka) December 2, 2022
However, Don Yakka tweeted that 1INCH Foundation was not connected to the dumping wallet. According to Yakka, the address belongs to an early investor because they claimed the tokens through the vesting contract. He added that the 25% drop coincided with that day’s general poor market performance.
Meanwhile, 1INCH is up 1.7% over the last 24 hours to $0.50. The DEX token had decreased by 4.6% over the previous seven days.
Posted In: Tokens
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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1inch is a decentralized exchange (DEX) aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXes.
