Investing In 1-Inch Crypto: Is It A Smart Move?

1inch is a digital currency token that powers a decentralised exchange overseen by a decentralised autonomous organisation (DAO). It has been adopted by over 10 million wallets on the platform. The potential of 1inch as a promising investment depends on multiple factors, such as individual risk appetite and the desired investment amount. The current price of 1inch is $0.240709, and it is ranked #120 among the most valuable currencies. The price of 1inch is predicted to reach a maximum of $3.5 by the end of 2030. However, it is important to note that cryptocurrency is a risky investment, and due diligence is essential before making any investment decisions.

1INCH's price history and technical analysis

Price History

The 1inch Network was founded in May 2019 and registered an all-time high of $7.87 on 9 May 2021. The price then fell to $1.7 within two months. The 1INCH token regained momentum and closed 2021 by trading above $2.5.

In 2022, the token opened at $2.2 and reached $1.5 in March. The price dropped further to $0.78 in May. The year ended amidst a strong bearish trend, with the price falling below $0.5.

The 1inch Network started 2023 with a price level around $0.38 and registered an all-time low of $0.22 on 12 September 2023. The token closed 2023 above the $0.4 mark.

As of September 2024, the 1INCH token has been trading with strong support at $0.22. The current price is $0.240709, with a 24-hour trading volume of $43,305,541 and a market capitalization of $306,392,407.

Technical Analysis

1inch Network is an Ethereum-based dApp focused on various DeFi operations. The project is completely decentralized and community-driven. The 1INCH token is the governance and utility token of the 1inch Network.

The 1inch Network token's price has been stable over the past 30 days, standing at $0.24. The Market Cap is $299,497,287, with a 9.44% change, indicating a loss in the token's general market value. The CAP/TVL Ratio is showing a decrease with a 0.88% fluctuation, signalling that the token may not be a rewarding long-term asset.

The 1inch dApp's Balance is $1,813, and the Volume is bullish at $3,218. The dApp has generated 12.84K Transactions with a 53.54% rise in the 30-day period. The Volume has increased by 91.09% compared to the previous 7-day period. The user base has grown by 34.15% to 9.78K in the last 7 days.

1INCH's dual functionality as a utility and governance token

1INCH is the governance and utility token of the 1inch Network, a pioneering decentralised finance (DeFi) aggregator. The 1inch Network offers a suite of tools designed to optimise trading and improve user experience. The 1INCH token has a maximum supply of 1.5 billion, 94% of which were locked in vesting contracts.

The 1INCH token has dual functionality as a utility and governance token. As a utility token, 1INCH offers access to the 1inch Network's technology, which includes the 1inch dApp, the No. 1 DeFi aggregator. The 1inch dApp offers access to the deepest liquidity and the best token swap rates on various decentralised exchanges (DEXes), with unique features such as partial fill and the ability to find the best swap paths across multiple liquidity sources.

The 1INCH token also facilitates governance of the 1inch DAO (decentralised autonomous organisation). 1INCH holders can stake their tokens for a period of one month to two years in exchange for Unicorn Power, which can be used to participate in network governance or delegated to other holders or Resolvers. Governance decisions include voting on the distribution of Spread Surplus coins and major protocol parameters such as price impact fee, swap fee, governance reward, referral reward, and decay time. The 1inch DAO also has direct control over 1inch Network Treasuries, the Fusion Mode Settlement Contract, and the Fusion Mode Resolver Whitelist.

The dual functionality of the 1INCH token as a utility and governance token enhances the decentralisation and community involvement that are core to the 1inch Network's values.

1INCH's market price predictions for 2024 and beyond

For the rest of 2024, 1INCH is expected to trade between $0.22 and $0.90, with an average price of around $0.63 by the end of the year. Some sources give more specific monthly predictions, with a predicted range of $0.72 to $0.83 in November 2024 and a potential trading range between $0.78 and $0.90 in December 2024.

Looking further ahead to 2025, 1INCH is predicted to trade from a potential low of $0.72 to a maximum level of $1.20, with an average trading price of around $0.96. By 2030, the maximum price of 1INCH might be $3.53, with a minimum value of $2.78 and an average price of around $3.15.

It's important to note that these are just predictions, and the actual price of 1INCH could be significantly higher or lower than anticipated.

1INCH's use cases and tokenomics insights

The 1inch Network is a pioneering DeFi aggregator that streamlines the process of finding the best swap rates across various blockchains and protocols. It is an automated market maker (AMM) and decentralized exchange (DEX) aggregator, connecting several DEXs into one platform. This allows users to find the most efficient swapping routes and the best rates and lowest fees for their trades across all platforms. The 1inch protocol provides a trading platform for finding the best deals across multiple DEXes, and swapping cryptos provides 1inch users with access to several Polygon-based liquidity sources, including Curve, SushiSwap, QuickSwap, and Aave V2.

The 1inch Network offers its own AMM for liquidity provision and is governed by a DAO where token holders can vote on its future. The network is supported by 1inch Labs and the 1inch Foundation, with the latter, a non-profit, creating the 1INCH token. The 1inch DAO, a community-driven group, controls the token's smart contract within the network, allowing for community governance over its functionality.

L2 scaling solutions are central to the growth of the 1INCH token in the DeFi space. These solutions facilitate faster and cheaper transactions by running sidechains alongside the main Ethereum blockchain. The "Enterprise 1inch" program offers businesses guidelines and tech specs to adopt DeFi via blockchain, promoting liquidity mining.

As a 1INCH token holder, you can stake your assets on the protocol and collect governance rewards. The token can also be used to reduce gas fees by opting to pay them in Chi Gastoken (CHI), 1inch's own Ethereum-based token designed to cut transaction costs.

The 1inch Network has a huge selection of cryptocurrencies, offering around 400 ERC-20 standard tokens. If the desired ERC-20 token is not available, it can be added, but the details must be correct to avoid losing money. While the 1inch Network does not support popular cryptocurrencies that do not run on the Ethereum network, such as Bitcoin (BTC) or Binance (BNB), it does offer synthetic versions of these coins that track their price.

The 1inch Network is considered a relatively safe investment due to its decentralised nature and the use of smart contracts, which ensures that user funds are never held by the exchange and are always under the user's control.

1INCH's team, community, and marketing

The 1inch Network is a pioneering DeFi aggregator that has gained popularity among investors due to its unique features and growing adoption. The network is supported by 1inch Labs and the 1inch Foundation, which facilitate its development and growth. The 1inch Foundation, a non-profit organization, created the 1INCH token, while the 1inch DAO, a community-driven group, controls the token's smart contract within the network. This separation allows for community governance over the token's functionality.

The 1inch protocol provides a trading platform that aggregates liquidity from multiple DEXes to ensure users get the best deals and swap rates. This includes access to several Polygon-based liquidity sources, such as Curve, SushiSwap, QuickSwap, and Aave V2. The network also offers its own AMM (Automated Market Maker) for liquidity provision and is governed by a DAO (Decentralized Autonomous Organization) where token holders can vote on its future.

L2 scaling solutions are central to the growth of the 1INCH token in the DeFi space. They enable faster and cheaper transactions by running sidechains alongside the main Ethereum blockchain. Additionally, the "Enterprise 1inch" program offers businesses guidelines and technical specifications to adopt DeFi via blockchain, promoting liquidity mining.

The 1inch Network has a strong community of users and investors who believe in its potential. The community's involvement in governing the token's functionality through the 1inch DAO contributes to its growth and adoption. The network's focus on providing the best swap rates and its innovative approach to tokenized liquidity have attracted a dedicated user base.

In terms of marketing, the 1inch Network has gained traction through its unique features and word-of-mouth within the crypto community. The network's ability to aggregate the best swap rates and provide access to multiple liquidity sources has likely contributed to its marketing and popularity. Additionally, the 1inch Foundation and 1inch DAO's efforts to promote the network and token have played a role in its marketing and adoption.

Frequently asked questions