It has been suggested that there will be significant developments for 2 altcoins on the specified date. Analysts seem skeptical that these altcoins will affect the market.
Company unlocks this altcoin
According to the calendar, the beneficiary will launch 1INCH network tokens worth over $111.5 million on December 30. More than $111.5 million represents approximately 222,187,500 1INCH, or about 15% of its supply, according to the platform. Earlier cryptocoin.com As we mentioned, 1INCH launched its token in December 2020 and only 6% of it entered general circulation. The network capped its total supply to 1.5 billion. Locked tokens will be released through authorization every two years until December 2024. The entitlement, scheduled for 30 December, will be the second and last of 2022.
According to the markets, there are approximately 780 million tokens in circulation. Currently, the lockout contract costs about 780,840,748 1INCH. Once unlocking is complete, approximately 890 million 1INCH will be in circulation by January 2023, representing 59% of the network’s total supply.
Analysts speculated about the price
The most recent 1INCH token opening event took place in June of this year. Also during this time, the exchange price of the coin fell by more than 25% from $0.81 to $0.60. According to reports, just days before the unlock event in June, a whale deposited more than 15 million 1INCH on Binance. On December 2, Etherscan reported that the same whale had deposited more than 15 million 1INCH. On December 2, prices fell by about 3% as a result of this last deposit.
1INCH Foundation transferred out 15.56M 1INCH ($8M) 18 hours ago, and transferred to #Binance 4 hours ago.
The last time @1inch transferred out 15.56M 1INCH was on June 9, when the price of 1INCH dropped from $0.81 to $0.6 within a week, a drop of 25%.https://t.co/b7KWe6yES8 pic.twitter.com/ZpDjxh3kMj
— Lookonchain (@lookonchain) December 2, 2022
There is a widespread belief that the altcoin will continue to decline as the entitlement event approaches. However, representatives from the 1INCH network announced that the 15 million token transfer was not theirs. According to analysts, the altcoin may experience further declines after qualifying. When a large number of cryptocurrencies are added to the market at the same time, their numbers increase, exceeding real demand and causing price inflation. It has been discussed that this could instantly increase 1 INCH and cause it to lose more value.
Solana lost the ranking
The CEO of MoralisWeb3 is mocking the Solana (SOL) network as the blockchain project goes further. The CEO stated that he lost his ranking. He also laughed at Solana, saying that even the Shiba, which is worth less than a penny, has gone under. On Twitter, the CEO of MoralisWeb3 with the username IvanOnTech claimed that blockchain developers are not interested in building on a dying infrastructure like Solana. However, he believes the current situation presents a potential opportunity for greatness.
Solana is now below Tron and even SHIB 😅
Sadly, I think this is EOS 2.0
Devs don’t want to build on a dying infrastructure, Solana projects likely migrate to EVM L2s
— Ivan on Tech 🇺🇦🥑 – Building Moralis Web3 (@IvanOnTech) December 27, 2022
The SOL blockchain has been in jeopardy since FTX’s bankruptcy was revealed. In the previous 48 hours, two Solana-based NFTs, Y00topia and DeGods, said they will bridge other chains Ethereum and Polygon in the first quarter of 2023. Both platforms jointly control over 25,000 NFT collections. However, DeGods stated that Ethereum is not the desired target, it is a step in the right direction.
