1inch Surges Over 100% to New All-Time High
1inch, a DEX aggregator that picks out cheap crypto prices across decentralized exchanges , has seen its governance token (1INCH) surge over 100% this morning.
The brief but major spike in price resulted in a new all-time high for the token of $8.65.
The spike also came after a relatively dormant week for the token, which has spent the last week hovering between a high of $4.53 and a low of $3.72.
At approximately 7:00am BST, 1INCH spiked from $4.18 to almost $6 in half an hour. The token then briefly leveled out before surging to its new all-time high shortly after 9:00am BST. Since hitting its all-time high, 1INCH has pulled back slightly, and is currently trading at $6.87, up nearly 65% in the past 24 hours.
The 1INCH spike also comes at a time where other decentralized finance (DeFi) tokens have experienced mixed results in price.
DeFi price movements
1INCH is not the only DeFi token that has seen a recent uptick in value.
DeFi lending protocol Aave has also seen its token (AAVE) on a positive price run. Over the last month and week respectively, AAVE has increased by 5.8% and 19.2% respectively. In just the last 24 hours, AAVE has surged by a whopping 27.2% to its current price of $427.
However, not every DeFi token is in the green today.
Uniswap, a well-known decentralized exchange in the crypto community, has been on a downturn during the last week, falling by almost 4% in the last seven days, and almost 10% in the last 24 hours. Its current price is just over $25.
Sushiswap and Maker are also in the red.
Sushiswap, recognized by many as the closest competitor to Uniswap, has dropped 7% during the last 24 hours, and over 3% in the last hour alone to a price of $10.90.
Maker—the entity behind the decentralized DAI stablecoin—is similarly struggling, having fallen by 8.6% dring the last 24 hours to its current price of just over $2,300.Source