Cryptocurrency investment firm Pantera Capital has made a significant transaction in recent hours, according to on-chain data.
Data shows that the company sent 12.95 million 1inch Network (1INCH) tokens worth $3.52 million to Coinbase.
Notably, Pantera Capital was one of the early investors in 1inch between 2021 and 2023, with the token developers delivering 104.6 million 1INCH tokens to the company as a locked up asset.
The company began moving 1INCH to cryptocurrency exchange Coinbase on July 24. The transfers coincided with a drop in the token’s price. So far, Pantera Capital has moved 34.91 million 1INCH tokens worth $11.8 million to cryptocurrency exchange Coinbase at an average price of $0.338 over the past 17 days. The company currently holds 69.69 million tokens worth $19 million.
At the time of writing, the price of 1INCH is trading at $0.2709. Before the company started transferring tokens, the token price was around $0.40. However, the price drop has developed in parallel with the decline in the general cryptocurrency market.
*This is not investment advice.