A recent report from blockchain tracker Lookonchain reveals that the investment fund linked to 1inch, a decentralized exchange (DEX) aggregator, has acquired $10 million worth of Ethereum (ETH) over the weekend. Additionally, the report shows that the 1inch investment fund wallet purchased a total of 17,000 ETH valued at $26.8 million between January and March of this year.
On July 5th, the fund sold 11,000 Ethereum for approximately $21 million, at a price of $1,906 per ETH. This sale resulted in a profit of $3.7 million for the fund. It’s important to note that the current price of Ethereum is $1,727, and it has experienced a 5% increase in the past 24 hours.
In another notable movement, Lookonchain also highlights the activities of a wallet known as dimethyltryptamine.eth. This wallet spent 27 ETH worth $45,000 to purchase 50 billion units of Pepe (PEPE) on Sunday. The wallet has already seen significant gains from this meme-themed cryptocurrency. In April, it spent just 0.125 ETH ($251) to acquire 5.9 trillion PEPE. Since then, the wallet has sold a total of 3.95 trillion PEPE for 2,505 ETH ($4.7 million) but still retains 2 trillion PEPE valued at around $1.8 million.
As of now, Pepe is trading at $0.000000889795, experiencing a more than 3.5% increase in the past 24 hours. It currently ranks 99th in terms of market capitalization.
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These movements in the cryptocurrency market highlight the ongoing trends and activities of institutional investors and high-value traders. The accumulation of Ethereum by the 1inch investment fund signifies confidence and belief in the long-term potential of the digital asset. It also suggests that the fund anticipates further price appreciation in the near future.
On the other hand, the activities of the wallet dimethyltryptamine.eth demonstrate the potential for substantial gains through strategic investment in altcoins. Despite the highly volatile and speculative nature of meme-themed cryptocurrencies, this wallet managed to capitalize on the price increase of Pepe and achieve impressive returns.
It is worth noting that cryptocurrency investments carry inherent risks, and investors should conduct thorough due diligence before making any high-risk investments. The Daily Hodl advises readers to exercise caution and full responsibility for their own transfers, trades, and potential losses. The publication emphasizes that it does not encourage the buying or selling of any digital assets and is not a registered investment advisor.
As the cryptocurrency market continues to evolve and mature, it is crucial for investors to stay informed about the latest news and price actions. Subscribing to reputable sources and following reliable social media channels can help individuals navigate the dynamic and volatile nature of this emerging asset class.
In conclusion, the recent activities of the 1inch investment fund and dimethyltryptamine.eth wallet highlight the ongoing trends in the cryptocurrency market. These movements demonstrate the confidence in Ethereum’s long-term potential and the potential for substantial gains through strategic investments in altcoins. However, it is important for investors to exercise caution and conduct thorough research before making any high-risk investments.
