The native token of decentralized exchange (DEX) aggregator 1inch (1INCH) saw a surge of more than 58% on Monday, with trading volume hitting a record high of $597 million. According to CoinGlass, $3.37 million in leveraged 1inch short positions were liquidated over the past 24-hours.
The rally appears to be continuing the uptrend that XRP set after its legal victory against the Securities and Exchange Commission (SEC) last week. XRP rose by 102% in one day, prompting further moves in assets like Solana (SOL), Cardano (ADA) and Polygon (MATIC).
Open interest, which measures the nominal amount of open derivatives positions, has risen from $14 million to $125 million across 1inch trading pairs, according to Coinalyze. This suggests that the rally has been spurred by futures markets. However, market depth remains relatively low compared to trading volume.
One investor appears to be taking advantage of the leveraged trading activity, sending 7 million tokens worth $3.7 million to Binance. Price proceeded to fall by 4.4% in the following minutes.
1inch is currently trading at $0.505, up 23.8% in the past 24-hours despite losing some of its gains on Monday morning. Between 9:00am UTC on Sunday and 9:00am UTC on Monday, 1inch was up 58.26%, according to TradingView.
1inch Token Rallies 58% as Trading Volume Hits Record High
