The native token of decentralized exchange aggregator 1inch rose by more than 58% before receding on Monday as trading volume hit $597 million, its highest level since October, 2021.
Coupled with a spike in trading volume, $3.37 million in leveraged 1inch short positions on have been liquidated over the past 24-hours, according toWhilst there is no immediate news catalyst for the move, 1inch's rally appears to be continuing the uptrend that XRP set after it claimed aagainst the Securities and Exchange Commission last week. XRP rose by 102% in one day, prompting further moves in assets like solana , cardano and polygon .
The open interest, which measures the nominal amount of open derivatives positions, has risen from $14 million to $125 million across 1inch trading pairs, according toThis creates a fragile market dynamic as market depth, a metric used to assess liquidity over a 2% spread, remains relatively low compared to trading volume. Buy-side market depth of 1inch on Binance is currently $226,272, according to.
One particular 1inch investor appears to be deploying that trading strategy, with blockchain sleuth lookonchain noting that an investorwith price proceeding to fall by 4.4% in the following minutes. 1inch is currently trading at $0.505, it remains up by 23.8% in the past 24-hours despite losing some of its gains on Monday morning. Between 9:00am UTC on Sunday and 9:00am UTC on Monday, 1inch was up 58.26%, according to