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Is 1INCH now more popular than Shiba Inu among Ethereum users?

 


The ranking of the most popular tokens in the top 100 Ethereum addresses shows an explosion in demand for 1INCH tokens. Now the coin is overtaking Shiba Inu and even Tether's USDT.


On September 6th, 1inch Network announced an airdrop of a total of 300,000 Optimism tokens for its users to boost their activities on the Optimism Network. 


As a result, on September 11, the 1Inch token skyrocketed in the ranking of the most popular tokens among the top 100 Ethereum addresses . In doing so, it not only overtook the largest stablecoin by market cap, USDT, but also the second largest memecoin, Shiba Inu . 


The average number of 1INCH tokens held per wallet was approximately 15,877, which is currently worth approximately $6.6 million. The amount of USDT averaged just over $6 million, while SHIBA averaged about $1.5 million in value . 

However, 1INCH has not only overtaken USDT and Shiba Inu, but also Lido Staked ETH (stETH), Locus Chain (LOCUS), Wrapped Bitcoin (WBTC), BitDAO (BIT) and Dai (DAI). However, Ether remains the undisputed number one of the entire Ethereum blockchain in this ranking, closely followed by Circle's USDC in second place.


1INCH is the 3rd most held token in the top 100 Ethereum addresses

The total value of 1INCH in this statistic is around 668 million US dollars, which corresponds to an overall share of 17.92%. USDT and SHIB, on the other hand, total $605 million and $155 million, respectively .

The 1INCH Limit Order Protocol is one of the decentralized exchanges (DEX) with the largest trading volume. After trading around $972 million in January, the protocol peaked at $1 billion in June. However, in August, trading volume slipped back down to $672 million, below that of competing DEXes such as DODO, SushiSwap, Curve Finance, Synthetix, Ox Native, Uniswap, and Balancer.

On January 3, 2022, 1INCH peaked at $2.65 and finally fell to a low of $0.52 on June 18. The token opened the year on January 1, 2022 at a price of $2.40 and was trading at $0.65 at the time of writing.


Over the year 2022, 1INCH lost a total of 70% of its market capitalization.

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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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