The 1inch Team has recently invested heavily in their native token, $1INCH. They spent 1.75 million USDC to acquire 7.96 million $1INCH tokens at a price of $0.22 each just a few hours ago, according to Lookonchain. This latest transaction adds to a series of significant purchases that began on July 5.
The #1inch Team spent 1.75M $USDC to buy 7.96M $1INCH at $0.22 again 1 hour ago.Since July 5, the #1inch Team has bought 22.4M $1INCH($5.49M) at an average price of $0.25.https://t.co/ku1DAWkE0c pic.twitter.com/KPyvpX3q9f
— Lookonchain (@lookonchain) September 4, 2024
1inch Team Accumulates 22.4M $1INCH Tokens for $5.49M
Since July 5, the 1inch Team has accumulated 22.4 million $1INCH tokens for approximately 5.49 million USDC. Their buying activity is inclusive of a large transaction made on July 5 in which they purchased 1.85 million $1INCH tokens at $0.31. However, most of their purchases were observed in the last two months, August and September.
In August, the team made two major buys: 2,920,000 $1INCH tokens at $0.25 per token, as well as 9,620,000 $1INCH tokens at $0.24 per token. The last purchase is made in September, to be precise on September 4, when they bought 7.96 million tokens for $1INCH at $0.22 per token.
1inch Team’s Strategic Buys Reflect Optimism for $1INCH Growth
These strategic investments depict the level of confidence that the 1inch Team has in the future value of $1INCH token. The fact that they purchase at different levels shows that they intend to enhance the position of their token in the market and bring support for its growth.
Lastly, given the process of buying tokens, reported by Lookonchain, during the price fluctuations, the team seems to be effectively anticipating the work on holding and expanding their stake in the $1INCH ecosystem.
