1inch has been one of the best-performing digital assets over the last day, outperforming even the largest players in the space. This run is still continuing as of Monday morning, but the rally is being threatened by a single whale transaction seen on the blockchain just a couple of hours ago.
Whale Deposits $3.88 Million In 1inch To Binance
On-chain data tracker Lookonchain, on Monday, flagged a transaction that could negatively affect 1inch’s current price rally. The transaction was made by a whale carrying a total of 7 million 1inch tokens.
Now, such transactions are not out of the ordinary given that whales tend to move their coins around a lot. However, what is of concern here is the destination of the coins.
Note that a #1INCH investor deposited 7M #1INCH ($3.88M) into #Binance just now after the price of #1INCH rose.https://t.co/evi8W1swDw pic.twitter.com/WzlhogyO2q
— Lookonchain (@lookonchain) July 17, 2023
The transaction shows that the whale sent the 7 million 1inch tokens, worth $3.88 million at the time of the transaction, to Binance. This move is of concern to investors because the destination of a transaction can often provide insight into why the owner did it in the first place.
More often than not, when investors are sending coins to centralized exchanges (CEX) such as Binance, it is to sell. This is because there is deeper liquidity on centralized exchanges, as well as lower fees. Thus, such a large holding being moved to Binance would suggest that this whale is l
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Author: Best Owie
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