- 1INCH’s proposal to overhaul 1INCH tokenomics and the stimulus share has been launched
- 1INCH’s price action may need a boost from investors in the coming days
1 inch mesh [1INCH] He was in the spotlight again when it came time to be List Among the top 6 optimism dApps of 2022. These dApps are measured by the number of transactions and fees generated.
Not only that, but a major overhaul proposal has recently been put forward for 1INCH tokenomics and incentivized betting.
1 / 📊 [1IP-11] # 1 inch Stacked pods
A major proposal for the overhaul of 1INCH tokens and incentives #Effort He lives!
We invite you to cast your vote for a new Staking Pod mechanic implementation for the symbol 🪙 1INCH.
– 1 inch mesh (@ 1 inch) December 19, 2022
Read Predict the price of 1INCH 2023-24
This was an optimistic announcement as it brought many new features. For example, with the Staking Pod system, users can lock their 1INCH tokens into a staking contract to get st1INCH tokens.
Interestingly, the longer the lock period, the more st1INCH tokens the user gets. Amplifiers can use st1INCH tokens to govern 1-inch DAOs, and 1-inch DAOs can use these token balances to distribute rewards.
The good news was that shortly after that, 1INCH became one of the top winners in the Avalanche ecosystem in the last 24 hours.
The first winner in @employee Ecosystem last 24 hours 🚀🚀$CQT @employee STG$ @employeeGMX$ @employee $syn @employee MULTI DOLLARS @employee surely @employee $AAVE @tweet YFI$ @employee
1 inch @ 1 inch $CTSI @tweet #Avalanche Avax dollars pic.twitter.com/Tvw3BpzCTP
– Avax Daily 🔺 (AVAXDaily) December 20, 2022
Is everything okay?
despite 1 inch It was one of the biggest winners in the Avalanche ecosystem, and its weekly price action was not up to par. According to CoinMarketCap data, the price of 1INCH has fallen by almost 10% in the past week.
Moreover, at the time of writing, it was trading at $0.3989 with a market capitalization of over $305 million. Let’s take a look at the 1INCH gauges on the chain to see what was really going on.
how many 1 inch you can get for $1?
According to CryptoQuant’s data, 1INCH’s net exchange flow was higher compared to the past seven days. This can be considered a bearish sign as it indicates a high selling pressure. The total number of transactions also recorded a decrease, which reflects the decrease in the number of users on the network.
Besides, the metrics looked positive for 1INCH as the network’s positive sentiment increased last week. In addition, 1 inchThe Market Value Realized Value Ratio (MVRV) also recorded a small peak.
Network development activity and Binance’s funding rate have also increased recently, giving investors more hope.
Where is the danger?
Contrary to most metrics, the 1INCH daily chart suggested that the bears are in control of the market. 1 inchChaikin Money Flow (CMF) and On Balance Volume (OBV) were significantly lower, proving a bearish edge.
The exponential moving average (EMA) bar also told a similar story. The 20-day EMA rested below the 55-day EMA. However, the Moving Average Convergence Convergence Divergence (MACD) provided much needed relief as it showed potential for a bullish cross. Thus, this might help 1INCH to increase its value in the coming days.