In 2021 so far, decentralized finance (DeFi) keeps riding the waves of last year’s boom and rise to prominence. The versatility of the sector which attracted so many people is colorfully underlined by products like 1Inch.Exchange. Last December, they launched a governance token 1INCH, and now it is a central element in the platform. Users are already curious about 1INCH price prediction: will it keep gaining or end up a waste? In this article, ChangeHero collected all the information necessary to answer this question.
What is 1INCH token?
1INCH token is a governance and utility token of a decentralized exchange aggregator 1Inch Exchange. The aggregator lets users swap Ethereum and its tokens through several liquidity pools and protocols for fee and rate optimization. 1Inch tokens are distributed through liquidity mining programs, when along with the fee a liquidity provider gains 1INCH. These tokens can be staked, locked in the protocol and put to protocol modifying proposals.
For more information, read the Beginner’s Guide to 1INCH by ChangeHero.
1INCH Token Price History
The first token distribution in the form of an airdrop happened on Christmas of 2020. 1INCH tokens were retroactively given out to the users that met certain criteria:
- One or more trades before September 15 OR;
- Four trades before the start of the distribution OR;
- Trades for at least $20 in total.
After that, the price quickly decreased from $2.63 to $0.7 on December, 29. Most likely this is because some users started selling the airdrop.
Around the time of launch, the first liquidity mining program for 1INCH token was launched. In it, another 0.5% of the total supply (1.5 billion) was distributed. The circulating supply was growing, but the price wasn’t.
However, 1INCH soon gradually started to accumulate value for holders who staked it. With that, it entered an uptrend, as buying interest rose. By the time the next liquidity mining and distribution program started on January 9, the demand outweighed the supply. The growth in popularity of the 1Inch Exchange certainly helped, too.
In February, DeFi projects were on the rise again, and on February 5, the token hit its current all-time high: $6.31. At the time of writing, 1INCH is trading for $5.22 and it ranks #70 on CoinMarketCap.
What influences the price?
1INCH token is first and foremost a utility token that powers 1Inch Exchange. Currently, it can be used to modify the protocol settings and as a stake with voting power. In the next large updates, developers could find another use case for the token.
Growth of 1Inch Exchange
We are already observing the effect of this factor. 1Inch has seen their monthly volume increase from $10 to $15 billion in the 1INCH token’s lifetime. By having even more users, 1Inch Exchange can expect further increase in demand for the utility and governance token.
The Future of Ethereum
Like the overwhelming majority of existing DeFi products, 1Inch is built on Ethereum. Lately, in the rally and under the influence of the ongoing boom in DeFi, Ethereum is yet again overloaded. The sharding and scaling solutions for Ethereum 2.0 are still in development, and there is no estimated date of arrival. Hastily implementing second-layer solutions will require too much economically unfeasible work from the devs.
Should the network congest to the point when users move elsewhere, all Ethereum-based platforms will be out of luck. This scenario is the least likely, but the Ethereum community is scrambling to resolve the issues lest it comes true.
Latest Twitter posts
Trader and influencer THE FLASH charted the setup for further growth of 1INCH price the other day. The target price the community is talking about right now is $7.
— ❣️Lisa N Edwards❣️ (@LisaNEdwards) February 9, 2021
A bit more recent piece of technical analysis comes from Lisa Edwards. 1INCH is forming a rising wedge, but in a bull market it can be a bullish signal to breakout.
Disconnect between TradFi and DeFi fully diluted valuations:
TradFi will find it increasingly hard to compete against community-owned, permisionless, global DeFi protocols.
— Santiago R Santos (@santiagoroel) February 1, 2021
Most of the DeFi proponents are sure 1Inch and similar projects are set to success in the long run, too. In the light of the recent Robinhood controversy, it’s easy to understand how mainstream finance will face competition from DeFi.
1INCH Price Prediction 2021
TradingBeasts 1INCH price prediction 2021: $4.20–11.68
What will be the price of 1INCH in 2021? TradingBeasts draws out a range in which 1INCH can move. Even the minimal monthly average price is expected to rise from $4.20 in March to $7.94 in December. The maximum averages can rise from $6.17 to $11.68 in the same period.
Pick A Crypto 1INCH price prediction 2021: $5–10
In a 1INCH Price Forecast 2021 section of the guide, PickACrypto gives an estimate of $5 to $10 USD. The general market trends and sentiment allow them to make this positive prediction. Should the team behind the project roll out new features, the price could reach the upper border of the range.
Good Morning DeFi 1INCH price prediction 2021: $4–6
YouTube channel Good Morning DeFi has made their prediction at the very start of the token’s run. Relying only on fundamentals and comparing it to UNI, they predicted a 400 to 600% ROI for 1INCH in 2021. Given that at the time of making the video 1INCH was worth $1.20, their target would be $4–6 dollars.
1INCH Token Price Prediction in 2022–2024
WalletInvestor 1INCH Token Price Prediction: $35–137
WalletInvestor gives a bullish prediction for 1INCH token. In the next few years, they project a growth up to three-digit prices. In 2022, the opening price of $35.43 will almost double by the end of the year ($69.37). The next year, the token price will gain another 150% and close at $103.42. In 2024, the pattern repeats again and 1INCH is projected to reach $137.21.
CoinArbitrageBot 1INCH Forecast: $3.85–19.93
CoinArbitrageBot gives a more grounded prediction for 1INCH. In a year, the token price can grow from $4.70 to $7.61. In 2023, on average, it will stay around $12.31, and in 2024 reach $19.93
1INCH Price Prediction for 2025
WalletInvestor 1INCH token Price Prediction: $137.27–171.20
In the already mentioned forecast, in 2025 the earnings growth in comparison to today’s prices can go up to 2680%. Over the year, 1INCH is projected to grow from $137.27 to $171.20.
DigitalCoinPrice 1INCH token Price Prediction: $12.88–17.73
In a few years, 1INCH will be trading between $12 and $18. This forecast does not point at extreme volatility, and predicts a steady growth over a dozen dollars. The highest monthly average is expected in March: $17.73. The lowest — in August, which is usually a slow month for all traders — $12.88.
Cryptocurrency Price Prediction 1INCH token Forecast: $17–21
Another prediction that cites the success of UNI claims that in 2025 1INCH can grow up to twenty dollars. The opening price is close to $17 and if the current growth rate persists, in that year it can close above $21.
1INCH Price Prediction for 2030
1INCH token has been around only for a couple of months. Therefore, there is not enough data to give a reliable long-term prediction. Having only fundamentals to go off from, some forecasts like the mentioned CryptocurrencyPricePrediction one, give a guesstimate of $30–40.
All 1inch price predictions
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ChangeHero 1INCH Price Prediction
Almost all the predictions have one thing in common: they claim that in the short or in the long term the token’s price will grow. The project is backed by a competent team that is constantly working on improving the protocol and shipping updates. The model is already proving to be popular with users. If more liquidity pools join the aggregator in the future, the more effective the 1Inch protocol will be getting.
How to get 1INCH on ChangeHero?
There is a reliable way to top up your 1INCH account. Simply swap your crypto for 1INCH on ChangeHero in five steps:
- Choose the currencies on the home page, amounts and the type of exchange. Provide your 1INCH wallet address and memo in the next step and check the amounts;
- Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
- And now, relax! We are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives;
- As soon as the exchange has been processed, your 1INCH is on the way to your wallet. We’ll be happy to hear your feedback if you enjoyed using ChangeHero.
Our support Heroes are available anytime in the chat on our website or through the email: [email protected].
Is 1INCH a good investment? With the growth of the DeFi sector today and its potential, 1INCH can be a worthwhile investment. Especially so, if you are a frequent user of the aggregator, but general crypto folks can enjoy it, too. In several years, when the distribution of tokens will conclude, 1INCH can become a very sought after token.
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This article is not a piece of financial advice. No price prediction is guaranteed to provide exact information on the future price.
When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investitions in cryptocurrencies only after careful consideration and analysis and at your own risk.