Thread by @FlagshipFYI

💥 $1INCH vesting unlock approaching 💥

On December 30, @TokenUnlock's calendar shows that over $111.5m worth of #1INCH network tokens will become vested, representing nearly 15% of the total supply.

A thread 🧵

/1 In December 2020, 1INCH released 6% of its token supply into circulation. The total supply of 1INCH is capped at 1.5 billion, with tokens becoming available through vesting every six months from January 2020 to December 2024.

/2 As of December 30, the second and final vesting for the year 2022 will take place. CoinMarketCap and Coingecko estimate that there are currently about 668,975,312 1INCH tokens in circulation.

/3 Additionally, there are roughly 888,750,000 1INCH locked up in the contract for locking. After the unlocking is complete in January 2023, about 890,000,000 1INCH will be in circulation, representing 59% of the network's total supply.

/4 However, it's worth noting that the June 1INCH token release saw a drop of over 25% in the exchange price of the coin, from $0.81 to $0.60. A whale reportedly deposited over 15 million 1INCH on Binance just days before the unlocking event, causing prices to drop.

/5 Recently, the same whale deposited over 15 million 1INCH on December 2nd, leading to a 3% drop in prices. Representatives from the 1INCH network said the tokens were not theirs, but belonged to some of the network's backers receiving unlocked tokens.

/6 As the upcoming vesting event approaches, the value of 1INCH may continue to decline. Introducing numerous coins into circulation at once can cause price inflation as supply outstrips demand, leading to a rapid depreciation in the value of 1INCH.

/7 Currently, the price of 1INCH has dropped $3.9% over the past week, from $0.51 to $0.49. There has been $22.4 million worth of trading in the token, at a market cap of $327 million.

/8 Read the full article here:
flagship.fyi/outposts/break…

& Stay tuned for updates on the 1INCH vesting event and its potential impact on the coin's value.