1inch price prediction: Will 1INCH grow in 2022?
The 1INCH token has experienced peaks and troughs, but what is the latest price prediction?
- What is the 1inch Network?
- From the 1INCH whitepaper
- 1INCH coin past performance
- 1inch Network overview
- 1inch coin price prediction: Expert opinion
Founded in 2019 by Russian developers Sergej Kunz and Anton Bukov, 1inch Network is a decentralised exchange.
Launched in 2020, 1INCH is an Ethereum-based token and native coin of the 1inch Network. Can we make a 1inch price prediction? Let’s first take a look at what 1INCH does.
What is the 1inch Network?
Aiming to provide the “best rates by discovering the most efficient swapping routes across all leading DEXes”, 1inch collates and aggregates token prices across a range of decentralised exchanges to seek out the best deals for clients.
The 1inch aggregation protocol uses the Pathfinder Algorithm to find the best prices from more than 60 liquidity sources on Ethereum, more than 30 on Binance and more than 30 on liquidity sources on Polygon, Optimistic Ethereum and Arbitrum.
The 1inch network has several important features; these include 1inch Limit Order, 1inch Wallet and 1inch Aggregation Protocol. The 1inch Network claims to be unique in the level of security it affords users because of the level of auditing it undertakes. 1inch smart contracts are audited by a range of auditing companies, including SlowMist and CoinFabrik.
With over 2.7 million wallets and over 17 million trades completed on the 1inch Network so far, the cryptocurrency has managed to gain traction in a saturated market.
What does this mean for the 1inch price prediction? Let’s take a look quick at the past performance of 1INCH.
From the 1INCH whitepaper
The ‘Mooniswap by 1inch.exchange’ founding document was published on 10 August 2020 and is seven pages long.
The whitepaper describes the protocol as “an AMM that uses the constant-product invariant, with the extension of virtual balances”.
It goes on to say: “Unlike other AMM designs, Mooniswap’s virtual balances allows to blunt the price impact of the short-term trading volume slippage. This allows proﬁts that would otherwise be captured by arbitrageurs to instead be captured by liquidity providers.
“This makes Mooniswap signiﬁcantly more proﬁtable for liquidity providers than most other AMM designs.”
1INCH coin past performance
The coin, according to CoinMarketCap, performed well over the first half of 2021. Prices surged from $1.15 on 1 January to $5.92 on 5 February. On 8 May, 1INCH price reached an all-time high of $7.87 before dropping dramatically to the lows of $1.63 on 20 July. Prices then rose again, hitting $6.52 on 27 October. Prices subsequently decreased to $3.42 on 4 December, falling further to $2.40 on 1 January 2022.
After spending a couple of weeks trading below its initial launch price, the coin rose by mid-February, hitting $1.8451 on 16 February. The coin subsequently dropped in price, tumbling to $1.1328 on 24 February 2022, before rising to $1.5488 on 1 March 2022.
The coin subsquently dropped, sliding to lows of $1.24 on 7 March, before rising sharply again to highs of $2.07 by 2 April.
The coin has subsequently been on a downward trend, dropping to $1.54 on 13 April 2022 before dipping to $1.10 by 1 May.
Despite significant volatility, the coin made a small recovery subsequently, rising to a high of $1.36 by 9 May.
1INCH has since dropped in value, standing at $0.935 as of 13 May.
1inch Network overview
The 1INCH token, as the native currency of 1inch, allows users and liquidity pools to vote on the future of the ecosystem as well as on the parameters of new products launched. The amount of weight each user’s vote holds depends on how many 1INCH tokens have been staked.
After completing two successful rounds of funding – raising $2.8m in August 2020 and a further $12m in December 2020 – 1INCH cryptocurrency has a total supply of 1.5 billion coins and a total circulating supply of almost 415 million.
So can we make a 1inch price prediction for 2022?
Let’s take a look at what analysts think…
1inch coin price prediction: Expert opinion
It is important when looking at predictions to remember that while they can be helpful as an indicator of which direction the price may move, they should be viewed as possibilities rather than absolutes. This is especially the case when looking at long-term forecasts, as these can sometimes be completely off the mark, because of the inherent volatility of the crypto market but also the many unknowns that could affect future prices.
With this in mind, Walletinvestor, in a bearish forecast, says that the 1INCH price could decline to $0.121 in a year’s time and is unlikely to recover in the long-term future.
DigitalCoinPrice suggests that 1INCH could be worth around $1.31 in September 2022. However, it expects the coin to be worth less than that towards the end of the year, trading at $1.24 in December 2022. The website’s 1inch price prediction for 2025 stands at $1.78 and the 1inch price prediction for 2030 is $4.30.
Is 1inch a good investment?
While 1INCH surged in 2021, it has also experienced significant volatility. Some analysts think the coin will rise in the future while others do not recommend investing in it, as they think it will go down in price in the future.
Will 1inch go up?
While some analysts believe it could go up, others believe the price will drop over the next couple of years. Forecasts, especially long-term ones, are better viewed as indicators rather than absolutes.
Should I invest in 1inch?
Investing is a highly personal endeavour. Do your own research into the 1inch crypto price prediction and try to keep up to date with any development on the 1inch Network which could boost its future prospects.
Remember that your decision should be based on your attitude to risk, your expertise in this market, the spread of your portfolio and how comfortable you feel about losing money. Always remember, cryptocurrencies are highly volatile assets and that past performance is never a guarantee of future results. Never invest more than you can afford to lose.