1inch Investment Fund Abruptly Accumulates $10,000,000 in Ethereum Amid Market Downturn: On-Chain Data

A blockchain tracker finds that the investment fund associated with the decentralized exchange (DEX) aggregator 1inch (1INCH) abruptly accumulated $10 million worth of Ethereum (ETH) over the weekend.

Blockchain tracker Lookonchain notes that the 1inch investment fund wallet also bought a total of 17,000 ETH worth $26.8 million at an average price of $1,569 across January, February and March of this year.

On July 5th, it sold 11,000 Ethereum worth roughly $21 million at a price of $1,906, making a profit of $3.7 million on the sold ETH.

Source: Lookonchain/X

Ethereum is trading at $1,727 at time of writing. The second-ranked crypto asset by market cap is up nearly 5% in the past 24 hours.

In terms of other whale movements, Lookonchain also notes that a wallet known as dimethyltryptamine.eth spent 27 ETH worth $45,000 to buy 50 billion Pepe (PEPE) on Sunday.

The address has already made a huge profit on the frog-themed memecoin this year: In April, the wallet spent only 0.125 ETH worth $251 to buy 5.9 trillion PEPE. The trader has since sold a total of 3.95 trillion PEPE for a total of 2,505 ETH worth $4.7 million. The address still holds 2 trillion PEPE worth approximately $1.8 million.

PEPE is trading at $0.000000889795 at time of writing. The 99th-ranked crypto asset by market cap is up more than 3.5% in the past 24 hours.

Generated Image: Midjourney