1inch Investment Fund Buys $10M Ethereum During Market Dip, On-Chain Data Reveals

Over the weekend, a blockchain analysis identified that 1inch (1INCH), the decentralized exchange (DEX) aggregator's associated investment fund, swiftly acquired Ethereum (ETH) valued at $10 million.

Lookonchain, a blockchain analysis tool, highlighted that from January to March this year, the investment fund wallet of 1inch purchased a cumulative 17,000 ETH, valued at $26.8 million, at an average cost of $1,569. Then, on July 5th, they offloaded 11,000 Ethereum for about $21 million at a rate of $1,906, realizing a profit of $3.7 million from the sale.

Source: Lookonchain/X

As of now, Ethereum (ETH) is priced at $1,727. This leading cryptocurrency, ranked second by market capitalization, has seen a nearly 5% increase over the last 24 hours.

Delving into significant crypto movements, blockchain tracker Lookonchain spotted that a prominent wallet, identified as dimethyltryptamine.eth, made a significant move by acquiring 50 billion Pepe (PEPE) coins for 27 ETH, valued at $45,000 this Sunday.

This isn't the trader's first notable venture with the frog-themed memecoin, PEPE. Back in April, the same wallet made a savvy purchase, acquiring a whopping 5.9 trillion PEPE for a mere 0.125 ETH, equivalent to $251. Since then, trades from this address have sold about 3.95 trillion PEPE, fetching a hefty 2,505 ETH or approximately $4.7 million. Currently, the wallet's PEPE holdings stand at a valuation of around $1.8 million, with 2 trillion PEPE in possession.

At the moment, PEPE's price stands at $0.000000889795. Ranking 99th in terms of market cap among cryptocurrencies, PEPE has gained over 3.5% in the previous day.

Aug 31, 2023

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