The Graph (GRT) Price Is Surging – Why?
A rather popular cryptocurrency - The Graph (GRT) - experienced a surge in value today after a significant event.
The Graph has been one of the top performers today, with the momentum coming from the token mentioned unlock. Typically, token unlocks can be a negative event, as an increase in supply usually leads to a decrease in price. However, this is not the case for The Graph’s GRT token.
“Lookonchain” reported that The Graph unlocked 36.8 million GRT tokens and transferred 18 million to Coinbase. Additionally, the platform has been transferring GRT to Coinbase during price peaks since mid-December.
The Graph unlocked 36.8M $GRT($7.35M) and sent 18M $GRT($3.6M) to #Coinbase 7 hrs ago!
And graph.eth has been transferring $GRT to #Coinbase at price highs almost every time since Dec 15, 2022.
The price of $GRT increases by ~60% today.https://t.co/yZE9mED26E pic.twitter.com/dhZ49LBRul
— Lookonchain (@lookonchain) February 8, 2023
The Graph is an indexing protocol for querying networks like Ethereum and IPFS. Anyone can build and publish open APIs, called subgraphs, making data easily accessible.
Messari built a subgraph to index Aave V3 data, and the price of GRT has increased by nearly 115% in the past month, showing the growth of the platform’s ecosystem in the last quarter of 2022.
READ MORE: Bitcoin: Analyst Shares “Worst-Case Scenario” for BTC
“GRTiQ” recently featured some developers’ responses to The Graph’s long-term vision. Protocol co-founder Yaniv Tal referred to it as a “public utility” for accessing the world’s public knowledge and information.
🔮 What's the long-term vision for the @graphprotocol?
We've had the chance to ask many guests this important question over the past 2 years.
🧵 Here are a few great answers 👇
— GRTiQ (@grt_iq) February 7, 2023
The price of GRT rose by 46.6% today, reaching a nine-month high of $0.229 before dropping back to $0.184 at the time of writing.
AI and Big Data tokens, including GRT, have recently been on the rise. Despite this growth, GRT is still down 93% from its all-time high of $2.84 in February 2021.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
