The Graph (GRT) token’s soars as exchanges add the cryptocurrency on them. Indexing protocol, the Graph has a surge of more than 425% in the past few days following its launch on Coinbase last week.
A news post on Coindesk confirmed the news that the GRT token has a tremendous surge of more than 425% last week after being listed on Coinbase. This followed other cryptocurrency exchanges adding them to their list of offerings.
Few of the cryptocurrency exchanges include Coinbase, Binance, Kucoin, OKEx, and Kraken. They allow trading of the GRT token on their exchange. The price of the token has incredibly surged and reached more than $700 million in market value as of today.
TradeMoneta is a financial platform that offers up-to-date financial news, technical analysis, and more had this to tweet about the news.
Those views are echoed clearly on Coinmarketcap, which stated that GRT price was hovering around USD 0.53. The 24-hour trading volume was $2,170,505,848 USD. Some of the main exchanges for trading The Graph include Binance, Huobi Global, OKEx, FTX, and Coinbase Pro.
The mainnet launch saw the GRT supply at 10,000,000,000. It is heartening to see that most of the exchanges have listed the GRT token within 2 days of inception. The GRT price is expected to touch $1 very soon in a couple of days.
What is The Graph (GRT) and why users can consider using it?
The Graph (GRT) is an indexing protocol where one can query data. It can be done sublimely for a network like Ethereum and IPFS. Several applications are powered using both DeFi and the Web3 ecosystem.
One can publish open APIs that applications can effortlessly query using the GraphQL. This is done for retrieving blockchain data. Developers can make use of a hosted production for designing and building on The Graph.
The Graph (GRT) has been growing at a rapid stride of more than 50% MoM. It had more than 7 billion queries in September 2020. Funds are gradually raised by community members and strategic VCs other individuals in the blockchain community.
To make sure that the security of the network is not compromised, users make use of tokens. This is an ERC-20 token. Users can use it on the Ethereum blockchain. The listing of GRT on Coinbase may not have happened as Coinbase Ventures invested $5 million in token sales.
Was the listing by Coinbase the turning point for the GRT token?
Luckily, this took a turn for good, and now the total GRT supply is 10 billion tokens. It comes with initial circulating supply of 1,245,666,867 GRT. A news post on Coinpedia stated that Coinbase may have been a reason for the intense rising of the GRT.
The Graph (GRT) is getting support on Coinbase so that their users can perform trading using their smartphones on both Android as well as the iOS apps. The traders might be content with the growth that may occur in small fortunes.
They may start selling quickly that may cause the GRT price to be negatively affected in no time. The GRT token is listed on popular exchanges within a few days itself. That is an excellent sign of the confidence shown by the founders of The Graph.
Besides, the token is given a massive user base and colossal market. It is just amazing to note that the GRT token has reached new heights in such a short time itself is nothing short of a miracle.
The Graph was founded by a team that has immense knowledge of what they are doing. Most of them are from top-notch companies in the Bitcoin market. Some of them include Decentraland, Ethereum Foundation, and OpenZeppelin.
Except in New York State, users of Coinbase located in other regions on earth can sell, buy, convert, send, receive, and store the GRT.