1inch Price Prediction: 1INCH Price Surges and Slides as Funds Pour into CEXs — What’s Going On?
The 1INCH token has had a rough time over the last few months. It sank to an all-time low in the middle of June. When it suddenly surged after it became the second most-traded crypto on the South Korean Upbit exchange, the token’s investors may have thought there were better times ahead, but it dropped as quickly as it rose.
Holders of the crypto, which supports the 1inch Network decentralized exchange and aggregator, will now be hoping that a more sustainable fightback can take place.
But what is 1inch (1INCH)? How does 1inch work? Let’s see what we can find out, and also take a look at some of the 1inch Price Predictions that were being made as of 21 July 2023.
The world of cryptocurrency is, in its own way, reliant on exchanges. Because crypto does not have any intrinsic value, a place where a price can be set and people can get hold of coins and tokens is vital.
Crypto exchanges can be divided into two categories. Centralized exchanges, or CEXes, make use of currency reserves and have their prices and what cryptos can be traded set by a central authority. Decentralized exchanges (DEXes), on the other hand, make use of smart contracts, computer programs that automatically execute once certain conditions are met, and liquidity pools to let people list the cryptos they want for a price set by the market.
1inch is one of the many operators in the DEX space. What makes the platform, which was founded in 2019 by computer programmers Sergej Kunz and Anton Bukov, different is that it is not really a single decentralized exchange. Rather, it takes prices from a range of DEXes, puts them together and, at least in theory, allows people to find the best price for the cryptos they want to get hold of.
1inch, which is based on the Ethereum (ETH) blockchain is supported by the 1INCH crypto token.
1inch uses software called Pathfinder to trawl the blockchain, looking for the best prices. It also features a liquidity protocol to protect users from system attacks and a limit order protocol that allows the system to host auctions and give people the chance to put in place stop-loss orders so they can avoid losing too much money when they trade.
The platform also has its own crypto wallet.
In terms of the 1inch token itself, holders can vote on both changes to how the network is run, but also on how liquidity pools are run.
Because 1INCH is based on Ethereum, it is a token, not a coin. You might see references to such things as a 1inch coin price prediction, but these are wrong.
Let’s now take a look at some of the highlights and lowlights of the 1inch price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a 1inch price prediction.
When 1INCH first came onto the open market in late 2020, it was worth about $1.60. Early 2021 saw the crypto market flourish and the token was able to capitalize, reaching an all-time high of $7.87 on 8 May before slipping to close the year at $2.89.
2022 was not a good year for either crypto or 1Inch. The token fell below the dollar in May, and a series of market crashes left it closing the year at $0.384, representing an annual loss of more than 80%.
So far, 2023 has been, at least on one level, even worse than last year. Although a buoyant market saw it reach a peak of $0.6896, things got bad over the following months. On 15 June, in the wake of the United States Securities and Exchange Commission announcing it was suing the Binance and Coinbase crypto exchanges, 1INCH sank to an all-time low of $0.2535.
After that, there was a small recovery, and the token spiked on 17 July, reaching a high of $0.5811 as it became the hot topic on Upbit. After that, though, it crashed back down again and, on 21 July 2023, it was worth about $0.332.
At that time, there were a little under 988 million 1INCH in circulation out of a total supply of 1.5 billion. This gave the token a market cap of around $327.5 million, making it the 98th largest crypto by that metric.
At the close of trading on 16 July, 1INCH was worth $0.4336. The following day, it shot up nearly 35%, but then fell 30% to close the day at $0.4043. Since then, it has dropped further and was trading at more than 40% less than its recent spike.
On the other hand, 1INCH is now about 30% higher than its record low last month.
With that all out of the way, let’s take a look at some of the 1inch price predictions that were being made as of 21 July 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a short-term 1inch price prediction which saw the token drop to $0.3023 by 25 July before suggesting it would hit $0.3587 by 19 August. The site’s technical analysis was highly bearish, with 24 indicators sending negative signals compared to just five making bullish ones.
Regarding other 1inch price predictions for 2023, CaptainAltCoin said things would not go well for the token in the coming months, falling to $0.2449 in September and trading at $0.2973. DigitalCoinPrice was more optimistic saying it would get to $0.69, while PricePrediction.net thought it would be worth $0.49 this year.
In terms of a 1inch price prediction for 2025, DigitalCoinPrice said the token would get to $1.16, while PricePrediction.net had it trade at $1.02. CaptainAltCoin said 1INCH would reach $0.877 in two years’ time.
Looking forward to a more long-term 1inch price prediction for 2030, PricePrediction.net was out in the lead, saying the token would reach $6.15, while DigitalCoinPrice had it trade at £3.38. Meanwhile, CaptainAltCoin had a 1INCH price prediction which said it would get to $2.19 at the start of the next decade.
It is difficult to tell. While there was a lot of excitement on 17 July when 1INCH became the toast of the Upbit crypto exchange, the buzz went away as suddenly as it arrived.
Although there is a theory that you should buy during the dip, with 1INCH not that far away from an all-time low, we don’t know when the dip will end, nor how much of a recovery the token can make.
On the other hand, 1Inch does provide a useful service and the token does have some potential.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in 1INCH.
No one can really tell right now. While the 1inch crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in 1inch, you will have to do your own research, not only on 1INCH, but on other, related, coins and tokens such as Uniswap (UNI) and Either way, you will also need to make sure that you never invest more money than you can afford to lose.
On 21 July 2023, there were a little under 988 million 1INCH in circulation out of a total supply of 1.5 billion.
It could do. PricePrediction.net thinks it could get there by 2025, while CaptainAltCoin has it reach that level by 2030. Keep in mind that 1INCH has traded above the dollar before, but not since May 2022.
The 1INCH token is used to vote on changes to the 1Inch decentralized exchange and can also be bought, sold, and traded on exchanges.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.