1INCH, a DeFi / DEX aggregator with the most liquidity and the best rates on Ethereum and Binance Smart Chain, is vying to dominate the emerging DeFi (decentralized finance) landscape. With the race to become the leader in the decentralized exchange (DEX) aggregator space intensifying, the price of 1INCH has reached a new record high.
The price of 1inch (1INCH) reached an All-Time-High (ATH) at US$7.55 on May 6, 2021, after hitting a low of US$5.15 on May 5, 2021. In just 24-hours, this digital coin’s price increased by around 47%.
This significant spurt in the price of 1INCH was sparked by a May 6 announcement. It said that this DeFi protocol had aggregated the available liquidity from the rapidly rising MDEX DeFi ecosystem that operates on the Binance Smart Chain (BSC). This new integration helped in expanding the DeFi coin’s reach and concretize its position as the most widely integrated DEX aggregator till now.
Just after announcing the integration of MDEX liquidity, it was announced that this DeFi protocol is releasing the 1INCH Wallet. It is offering a “user-friendly entry point to DeFi.”
1inch’s team also announced their partnership with the WireX (WXT) digital payment platform. This will help in migrating 20% of the WXT token supply from Stellar to the Ethereum network.
All these developments made 1INCH’s price skyrocket by 47% and reach an all-time high at US$7.55. However, soon after touching the ATH, aggressive profit booking followed suit, making the price drop to as low as US$6.30 on May 7’s early trading hours.
After the pullback in price, 1inch’s team announced that they have integrated Uniswap (UNI) V3, a new upgrade that was launched on May 5, 2021. Integration of the new update again started the price of 1INCH to rise to the intraday high of US$7.11 yesterday.
At press time (as of May 8, 2021), the price of 1INCH against the US Dollar is hovering around US$7.16, which is almost 5% in the green on the last 24-hour trading span.
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