1INCH has surpassed Tether’s USDT and Shiba Inu (SHIB) in the ranks of the cryptocurrencies being held by the top 100 Ethereum wallets due to increased demand by whales.
1INCH holders received positive news on Sept. 6 when the 1inch Network announced that a total of 300,000 Optimism (OP) tokens would be distributed among its users in a move to incentive their activity on the Optimism Network.
This week the token flipped USDT, the largest stablecoin by market capitalization, and SHIB, the second-largest meme-inspired digital asset in terms of top-10 Ethereum wallet holdings on Sept. 11.
The average quantity of 1INCH held was 15,877, corresponding to $6.6 million in the average amount held. The average quantity of USDT held was slightly above $6 million while SHIB was around $1.5 million.
Aside from USDT and SHIB, the token has also surpassed Lido Staked ETH (stETH), Locus Chain (LOCUS), Wrapped Bitcoin (WBTC), BitDAO (BIT), and Dai (DAI). However, it still trails Circle’s USDC and Ethereum (ETH) – the dominant asset on the Ethereum blockchain.
1INCH is now the third most held token by the top 100 Ethereum wallets
Overall, the total amount of 1INCH held by the top 100 Ethereum wallets was approximately $668 million and this was represented by 17.92%. The total worth of USDT and SHIB held were around $605 million and $155 respectively.
Limit Order Protocol tests five-month low
The 1inch Limit Order Protocol is among the decentralized exchanges (DEXs) with the most trading volume. After seeing around $972 million in volume in January, the protocol reached a peak of $1 billion in June. Throughout August, trading volume dropped to $672 million, which was lower than competing DEXs such as DODO, SushiSwap, Curve Finance, Synthetix, Ox Native, Uniswap, and Balancer.
1INCH has shed more than 70% of its price in 2022
Throughout 2022 1INCH has seen a high of $2.65 on Jan. 3 and a low of $0.52 on June 18. The token opened on Jan. 1, 2022, at a trading price of $2.40, and was exchanging hands for $0.65 at the time of press.
Overall, 1INCH has lost 70% of its market capitalization in 2022.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.