1inch Team Executes Strategic Buyback of 7.96M 1INCH Tokens, Reinforcing Their Position in the DeFi Space-web3.0-php.cn

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1inch Team Executes Strategic Buyback of 7.96M 1INCH Tokens, Reinforcing Their Position in the DeFi Space

王林

Sep 06, 2024 pm 03:06 PM

Token Buyback1INCH 34.7M 1INCH

The 1inch team has been strategically maneuvering within the crypto market, recently executing a significant buyback of its 1INCH token.

1inch Team Executes Strategic Buyback of 7.96M 1INCH Tokens, Reinforcing Their Position in the DeFi Space

The 1inch team recently executed another substantial buyback of its 1INCH token, adding to their ongoing strategy of accumulating tokens at lower market prices.

According to data from Spot On Chain, the 1inch team’s investment fund spent 1.751 million USDC to repurchase 7.961 million 1INCH tokens at an average price of $0.22. This buyback occurred on September 4, 2024.

This latest buyback is part of a broader strategy by the 1inch team to capitalize on market lows and acquire tokens at lower prices. As reported earlier, the team began this strategy on July 5, 2024, and has since invested a total of $5.5 million in USDC and USDT to purchase 22.45 million 1INCH tokens at an average price of $0.245.

However, this accumulation period follows a notable trend of token sales by the 1inch team, which were allegedly sold by the core team over a span of 10 months. According to data from decentralized exchange (DEX) aggregator Wintermute, the 1inch team sold 16.97 million 1INCH tokens for $7.88 million on decentralized exchanges and platforms like Binance and Kraken.

The average selling price during this period was much higher at $0.464 per token. This pattern suggests a strategic “buy low, sell high” approach by the team, allowing them to accumulate tokens at lower prices while realizing profits during market highs.

After this latest buyback, the 1Inch Wallets still hold 34 Million 1INCH. Precisely, 1inch team’s wallet currently holds 34.698 million 1INCH tokens, which are valued at approximately $7.63 million based on the token’s price at the time of writing.

This accumulation by the team reflects their confidence in the long-term value of their token and their commitment to supporting the project’s ecosystem.

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