1INCH Team Bought This Altcoin! Whale Takes Action

In a recent development that caught the attention of the cryptocurrency community, the 1inch (1INCH) team made a significant investment in Ethereum (ETH), and an immobile address came to life with significant ETH sales.

1INCH team buys million dollar ETH

According to information provided by @EmberCN, who is known for meticulously monitoring the crypto space, the 1inch team has deployed a substantial amount of capital for a notable acquisition. In the transaction that took place five hours ago, the team made a purchase of 6087.7 ​​ETH from the address labeled “1inch: Team Mutual Fund Collection”. The investment was realized by spending 10 million USDT and 70,000 USDC, amounting to approximately USD 10.07 million. The average purchase price per ETH was $1655.

This acquisition by the 1inch team comes after an earlier report highlighting the team’s actions on July 5th. At that time, the team had sold around 11,000 ETH at an average price of $1,906. As we have reported as Kriptokoin.com, the income from this sale was converted to DAI after converting from ETH to WETH, and all this was accomplished through a series of transactions. Sergej Kunz, co-founder of 1inch, announced that the 11,000 ETH sale at that time was part of the team’s efforts to test new functionality in the Fusion mode.

The sleeping whale moves

Simultaneously, the cryptocurrency world witnessed the reawakening of an address that had been dormant for eight years. An address starting with “0x562” has recently resurfaced to sell a substantial amount of Ethereum. In the last two days, the address has sold 2,720 ETH at an average price of $1,651 per ETH, raising a total value of around $4.49 million. The way this address works involves the conversion of ETH to DAI after each sale. Interestingly, all 4.49 million DAI obtained were invested in Maker, a well-known decentralized finance (DeFi) protocol. This move is in line with the current 5% interest rate and demonstrates the address’s participation in DeFi strategies that generate returns.

These recent events shed light on the dynamic nature of the cryptocurrency market. The 1inch team’s strategic acquisitions and divestitures reflect their proactive approach to capitalizing on market volatility for testing and growth. Similarly, the resurgence of a dormant address sheds light on the opportunities and innovations that continue to emerge in the DeFi environment. As the cryptocurrency space continues to evolve, such transactions and activities serve as beacons of progress, providing insights into the strategies of leading players and the potential for further innovation in the future.