The native token for The Graph, GRT, is on fire today following a token unlock and transfer. According to on-chain analysts, the team has also been sending large swathes of tokens to Coinbase.
The Graph is one of today’s top performers, and momentum appears to come from a token unlock.
Usually, token unlocks are bearish as more assets flood the market bringing down their prices. However, the opposite appears to be happening with The Graph’s GRT token.
According to on-chain sleuth ‘Lookonchain,’ The Graph unlocked 36.8 million GRT and sent 18 million of them to Coinbase.
Furthermore, graph.eth has been transferring GRT to Coinbase at price highs almost every time since mid-December, it added.
The Graph Details Long-Term Vision
The Graph is a Web3 protocol for organizing and accessing blockchain data. It makes it easy for developers to build dApps by providing a fast and easy way to query data from various blockchain networks.
On Feb. 7, analytics firm Messari announced that it had built a subgraph to index Aave V3 data. Subgraphs extract data from a blockchain and process and store it so that it can be easily queried via the GraphQL interface.
Furthermore, GRT has soared almost 200% over the past month, reflecting the platform’s significant ecosystem growth in the last quarter of 2022.
Earlier this month, Messari reported that active subgraphs on the protocol grew steadily over the past 18 months reaching 618 by the end of 2022. It added that The Graph’s ecosystem of active Indexers, Delegators, and Curators grew in Q4.
On Feb. 8, podcasting platform GRTiQ highlighted some of the notable responses from developers for The Graph’s long-term vision. Protocol co-founder Yaniv Tal commented:
“You can really view it as a public utility, all the world’s public knowledge and information at your fingertips.”
As reported by BeInCrypto, The Graph is angling to become the Google of crypto.
GRT prices are up a whopping 46.6% on the day. The token soared to a nine-month high of $0.229 during the Wednesday morning Asian trading session. It has since retreated to $0.192 by the time of press.
Since the beginning of the year, GRT has skyrocketed a whopping 260%, outperforming most of its crypto brethren. Prices for the asset have more than doubled over the past week.
CoinMarketCap reports that AI and Big Data tokens have been surging over the past week, with GRT leading the pack.
However, like most cryptos, GRT is down almost 93% from its February 2021 all-time high of $2.84.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.