The price of The Graph’s GRT token has nearly doubled since October 19, jumping from around $0.076 to over $0.1625 as of November 8, 2023, before falling to its current price. According to market intelligence firm Santiment, this significant price increase has coincided with a flurry of large whale transactions and new address growth for the Ethereum-based indexing protocol.
Source: Santiment – Start using it today
Santiment noted on Twitter that the mean dollar invested age—a metric that tracks the average age of tokens transacted on-chain—has been declining sharply for GRT over the past month. This suggests newer coins are being moved at a higher rate, often indicative of new buyers and holders joining the network.
The Graph powers the indexing and querying of blockchain data needed to build dApps and crypto projects. With the steady rise in Web3 development activity, demand for The Graph’s services has expanded quickly. This fundamental growth, combined with positive momentum from whales and new entrants, could suggest The Graph’s uptrend still has room to run.
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However, traders will want to watch whether the mean dollar age starts ticking back up, which could signal momentum stalling if short-term holders begin taking profits. But for now, The Graph appears poised to continue surging on its way to retesting its previous all-time high around $2.88.
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