15% of 1inch token supply worth over $100 million to be unlocked on Dec. 30
According to Token Unlocks, about 15% of the total 1INCH token supply will be unlocked on December 30th. Dashboard.
According to blockchain analytics platform, 888.75 million (59.25%) of 1INCH tokens are currently locked.
The total token supply of 1INCH is 1.5 billion. According to the dashboard, 450 million tokens have been allocated for community incentives and 217.5 million tokens have been allocated for the protocol’s growth fund.
The remaining 900 million+ tokens were allocated to project insiders such as the team, seed investors, Series A investors and their advisors.
At the time of writing, there are 668.97 million tokens in circulation.
1-inch community fears dumping
Some community members have expressed concerns that upcoming unlocks may lead to the dumping of DEX tokens. Crypto Bullet said the token could drop up to 40%.
#1 inch The coming months look bearish
The price has lost the critical $0.51 support.
You can easily see the -40% drawdown from here
👉Big #1 inch Unlocking is Coming! ~ 222.1M tokens unlocked on December 30th❗️
For reference, the current circulating supply is 664.9M pic.twitter.com/Il4a1XXHCU
— Crypto Bullet (@CryptoBullet1) December 4, 2022
Lookonchain reported on December 2nd that the 1inch Foundation transferred $8 million worth of 1inch tokens from its wallet to Binance. The last transfer of such magnitude caused the price of the inch to drop by 25%, according to crypto analysts.
It is not a 1INCH foundation wallet.
They’re claiming through vesting contracts, so it’s via early investors, the day the 25% drop happened across the market. pic.twitter.com/2YDgSmymsU
— Don Yakka (@DonYakka) December 2, 2022
However, Don Yakka tweeted that the 1INCH Foundation is not connected to the dumping wallet. According to Yakka, this address belongs to an early investor as they claimed their tokens through a vesting contract. He added that the 25% drop was consistent with the general poor market performance of the day.
Meanwhile, 1INCH has increased 1.7% to $0.50 over the past 24 hours. DEX tokens have fallen 4.6% over the last 7 days.
