Meanwhile, the 1inch Limit Order Protocol has witnessed a decline in the volume of trades on the platform.
1inch has now dropped out of the top ten holdings by Ethereum whales. After flipping USDT and SHIB in the past week to become the second-largest coin holding of Ethereum whales.
While the average holding of USDT was around $6 million and SHIB was around $1.6 million, the average amount of 1INCH held was $6.6 million, equivalent to 15,877 1inch. Consequently, the overall amount of 1inch controlled by the top 100 Ethereum wallets was about 17.92%, valued at approximately $668 million. Comparatively, USDT and SHIB holdings were about $605 million and $155 respectively.
Barely a day after, the situation has reversed with 1inch crashing out of the top 10, according to data by WhaleStats. While ETH and USDC remain the primary assets on the Ethereum chain, USDT has regained its position behind them. It is closely followed by Lido Staked ETH (stETH), SHIB, Wrapped Bitcoin (WBTC), and BitDAO (BIT).
Did Ethereum Whales Dump 1inch?
Often, understanding whale movements can help predict the direction of the market. While the data from WhaleStats suggests the Ethereum whales sold off their 1inch tokens, the price direction was barely affected.
1inch retraced its hourly gain but is now gaining back with an increase in trading volume. At the time of writing, the coin was trading at $0.665. The resilience may suggest that majority of 1inch tokens are held by retail investors, reducing the chances of sudden price swings.
These holders received news a few days ago when the 1inch Network announced it would airdrop 300,000 Optimism (OP) tokens to its users. The OP tokens would provide incentives for user activity on the Optimism Network.
1inch Limit Order Protocol Sees Lesser Trading Volume
Meanwhile, the 1inch Limit Order Protocol has witnessed a decline in the volume of trades on the platform. After reaching a peak trading volume of $1 billion in June, the average trading volume was $672 million in August.
When compared with exchanges like Uniswap, Curve Finance, and Balancer, this was lower. So far, 1inch has lost 70% of its market capitalization this year. From its all-time high of $7.87 in May 2021, 1inch opened the year at $2.40 before crashing to its lowest trading price of $0.52 in June.
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