The Graph ($GRT), known for its indexing protocol facilitating data querying across networks like Ethereum and IPFS, has recently experienced a shift in its market dynamics.
Despite a bullish trend over the past months, characterized by a remarkable 65% gain, the token suddenly faced a decline of over 6% in its 24-hour daily chart.
On-chain reports from Spotonchain provided insights into the recent activity surrounding The Graph. Two wallets associated with The Graph ecosystem jointly deposited 55 million GRT tokens, equivalent to $13.4 million, to Binance via GSR Markets at an average price of $0.244 within the past 26 hours.
Two wallets linked to @graphprotocol deposited 55M $GRT ($13.4M) to #Binance in the past 1.5 days.
Notably, they received 62.1M $GRT from “The Graph: Token Lock Wallets” on Feb 19 & 20, then quickly deposited $GRT to Binance via #GSRMarkets!
Now still hold 7.69M $GRT ($1.83M).… pic.twitter.com/NychLZHEKn
— Spot On Chain (@spotonchain) February 21, 2024
Interestingly, these two wallets received a substantial amount of 62.09 million GRT from two separate The Graph Token Lock Wallets within the past 30 hours. Subsequently, the majority of these tokens were swiftly transferred to GSR Markets for deposition to Binance.
GRT Whales Accumulation And Transfers
Presently, a total of 7.69 million GRT tokens, amounting to $1.90 million, remain across the two wallets. Wallet address 0x728 holds 5 million GRT, valued at $1.24 million, while wallet address 0x763 contains 2.69 million GRT, valued at $664,000.
The transaction patterns reveal a strategic movement of funds within The Graph ecosystem. Notably, the wallets received a significant influx of 62.1 million GRT from The Graph Token Lock Wallets on February 19 and 20, followed by prompt deposits of GRT to Binance via GSR Markets. As of now, these wallets retain 7.69 million GRT, worth $1.83 million.
The recent fluctuations in The Graph’s market activity underscore the complex interplay of factors influencing cryptocurrency trends. As stakeholders monitor developments closely, the trajectory of The Graph’s token remains subject to ongoing market dynamics and investor sentiment.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/the-graph-grt-witnesses-sudden-decline-following-bullish-trend/