1inch Investment Fund Swiftly Gathers $10 Million in Ethereum During Market Downturn

A blockchain tracking platform has discovered that the investment fund affiliated with the decentralized exchange (DEX) aggregator 1inch (1INCH) swiftly amassed a total of $10 million worth of Ethereum (ETH) over the weekend.

According to the observations made by the blockchain tracking service Lookonchain, the wallet linked to the 1inch investment fund also executed the acquisition of 17,000 ETH valued at $26.8 million. This transaction occurred in January, February, and March of the current year, with an average purchase price of $1,569.

On the 5th of July, the same wallet sold 11,000 Ethereum equivalent to approximately $21 million, at a price of $1,906 per unit, thereby generating a profit of $3.7 million from the ETH sale.

As of the time of writing, Ethereum is being traded at $1,727. This cryptocurrency, holding the second position in terms of market capitalization, has witnessed an almost 5% increase in its value within the last 24 hours.

In the context of significant transactions by other major holders, Lookonchain has also observed that an address under the name “dimethyltryptamine.eth” expended 27 ETH valued at $45,000 to acquire 50 billion units of Pepe (PEPE) on Sunday.

It’s notable that this particular address has realized substantial gains from its involvement with the meme-themed cryptocurrency this year. In April, the same wallet spent a mere 0.125 ETH worth $251 to purchase 5.9 trillion PEPE tokens. Since then, the trader has successfully liquidated a total of 3.95 trillion PEPE tokens, resulting in 2,505 ETH worth $4.7 million. As of now, the address still retains 2 trillion PEPE tokens, approximately valued at $1.8 million.

At the current moment, PEPE is being traded at $0.000000889795, showcasing an increase of over 3.5% in value during the past 24 hours. This cryptocurrency ranks 99th in terms of market capitalization.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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