The Graph
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Information about The Graph (GRT)
The Graph is a protocol that allows users to query and extract data from blockchain networks. The Graph was born out of the fact that users on blockchain platforms have difficulty using the data output from the blockchain because the format is too complicated. The Graph protocol helps classify, organize, and reprocess data so that Dapps (decentralized applications) can process it more efficiently and smoothly.
From a social perspective, The Graph can be considered an ecosystem connecting those who need to use data from the blockchain and those who provide data extraction and processing services. Let’s learn about the ecosystem of The Graph.
The Graph Token (GRT) is a cryptocurrency used in The Graph ecosystem and is used for 3 main purposes:
- Pay transaction fees between parties.
- Reward members.
- Burn to adjust the total and circulating supply to increase the token value.
News
The Graph (GRT) may soon experience a 15% price surge, currently trading at approximately 0.188 USD after a 3.75% increase recently. Technical analysis suggests it is forming a bullish pattern, with significant interest from traders, indicated by a Long/Short Ratio of 1.20.
A substantial outflow of GRT tokens worth 15.77 million USD from exchanges hints at a possible accumulation among long-term holders. This buying pressure, combined with a bullish market trend, positions GRT for potential growth in the coming days.
The Graph has introduced Geo Genesis, a new application to democratize Web3 data access. Geo Genesis will enable users of any skill level to interact with decentralized knowledge graphs, aiming to transform data organization. The app will start in an early access phase, refining governance and innovation, aligning with The Graph’s goal as the ‘Google of blockchain.’
Despite the launch of Geo Genesis, the GRT token is experiencing ongoing price declines, showing limited recovery signs in 2024. The recent crypto bull market offered some relief, but bearish signals have re-emerged. The Graph hopes the new protocol can reverse this trend, opening up to early access for improvements in governance and innovation.
In response to the news, VELO experienced a positive reaction, surging 15% in just 24 hours.
Looking at the broader timeframe, the asset has officially hit a 105.51% gain after 1 month and a 623.47% increase since the beginning of the year.
80,000,000 GRT (17,111,920 USD) transferred from Binance to Unknown wallet. Blockchain: Ethereum
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