According to blockchain data, seed investor of decentralized exchange aggregator 1INCH, Dragonfly Capital, moved 37.5 million 1INCH altcoins ($14 million) from the vesting contract to OKX and Coinbase.
The price of 1INCH had risen to $0.57 this week, especially after the volume wave in South Korean cryptocurrency exchanges. Although there has been a decline from this level, on a weekly basis, 1INCH price is still trading at $0.35, which is 16.85% higher.
The vesting contract, created in December 2020, allows Dragonfly Capital to claim 37.5 million 1INCH tokens every six months for two years.
The last vesting period ended on June 24, 2023, and Dragonfly Capital claimed its tokens on July 18, 2023.
According to Etherscan, Dragonfly Capital sent the tokens to two addresses, one to OKX and the other to Coinbase. The total amount of tokens sent to exchanges is 37.5 million, equivalent to $14 million at the current price of $0.35 per token.
This is not the first time Dragonfly Capital has sold 1INCH tokens. In January 2022, the company transferred 500,000 1INCH tokens ($1.3 million) to Genesis Trading OTC address at a price of $2.6 per token.
*Not investment advice.