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Crypto AI Whales Making Moves on The Graph (GRT), Here's Price Reaction

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Wed, 8/11/2023 - 13:45
Crypto AI Whales Making Moves on The Graph (GRT), Here's Price Reaction
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According to on-chain analytics firm Santiment, the decentralized indexing protocol The Graph is witnessing the most whale activity since February, and new addresses are also exploding.

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GRT's enormous surge to highs of $0.158 on Nov. 6 corresponded with a surge in large transactions, with 149 individual GRT transactions worth more than $100,000 reported and 620 new addresses generated.

Santiment also mentioned that GRT's dormant token movement has been historic, with big wallets circulating old tokens.

GRT has been steadily rising since October, rising from a low of $0.076 on Oct. 19. Taken from this price level, the GRT price has nearly doubled, according to Santiment, which states that there has been major whale movement and new addresses being created.

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On Nov. 6, The Graph experienced a strong rise from a low of $0.126 to a high of $0.157. Bulls had consolidated on a price advance that started when support was hit at $0.102 lows. This resulted in four days of large rises, culminating in highs of $0.163 on Nov. 7 before profit-taking set in.

GRT is now facing profit-taking, with the token down 5.47% in the last 24 hours to $0.13 at the time of writing. Today's close in the red would be GRT's second day of losses.

In a positive move, The Graph is launching a "New Era," intending to accelerate Web3 development. The update also adds AI-assisted querying and verifiable data.

The "New Era" is detailed in a new roadmap, which focuses on five major objectives, including protocol evolution and resilience, developer empowerment and optimized indexer performance.

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