1inch Token Soars and Triggers Leveraged Liquidations
The native token of decentralized exchange aggregator 1inch (1INCH) experienced a significant surge, rising by over 58% in trading volume. This surge in trading volume also led to the liquidation of $3.37 million in leveraged 1inch short positions. The rally of 1inch seems to be following the uptrend set by XRP after its recent legal victory against the SEC. Open interest across 1inch trading pairs has also surged from $14 million to $125 million, indicating that the rally may have been fueled by futures markets. However, the low market depth compared to the trading volume creates a fragile market dynamic, making it susceptible to cascading long position liquidations.
- 1inch token rose by more than 58% in trading volume
- $3.37 million in leveraged 1inch short positions were liquidated
- 1inch’s rally follows the uptrend set by XRP after its legal victory
- Open interest across 1inch trading pairs surged from $14 million to $125 million
- Low market depth compared to trading volume creates a fragile market dynamic
Despite losing some of its gains on Monday morning, 1inch is currently trading at $0.505, remaining up by 23.8% in the past 24 hours. The surge in trading volume and leveraged liquidations indicate a volatile market for 1inch, influenced by the recent success of other cryptocurrencies.
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