The Graph Doubles Since October 19: Keep an Eye on This Metric to Gauge GRT’s Bullish Potential

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.

Read also:

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.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo