1INCH has exploded over 100% in price following an announcement from Korean crypto exchange Upbit that it would be launching support for the altcoin.
At the time of writing, 1INCH is trading at $5.59, up 35% in the last 24 hours according to CoinMarketCap. However, at one point, 1INCH had reached as far as $8.65 after running all the way up from $4.11 for a 110% rally.
1inch is a decentralized exchange aggregator (DEX) that uses an algorithm to help users find the best possible trading prices for tokens. Rather than swapping tokens from one liquidity pool, it will aggregate across different pools and give a suggestion for the most efficient trade. It is currently able to search through at least 33 different protocols when looking for the best quote. The ERC-20 token is up 748% from it’s all-time low in December.
Upbit also announced support for two more altcoins at the same time as 1INCH: open source decentralized finance (DeFI) protocol Aave, and encrypted messaging platform Mask Network (MASK), both of which experienced more modest rallies after the announcement in comparison with the 1INCH moon shot.
Aave did a 35% rally after the listing but has since given up most of its gains and is now trading at $355 at the time of writing. MASK on the other hand spiked sharply from $9.64 to $15.60 and has been slowly trending down since.
All three altcoins were able to pull of their rallies during a market wide downturn that saw Bitcoin plunge below the $60,000 level for the first time in 10 days. This may have put a cap on the altcoins’ price spikes as the usual fear quickly gripped the crypto markets. Other big coins like Ethereum, Solana, and Cardano are down about 3%, 4%, 7% respectively at the time of writing.