As Google and Microsoft continue to race in the field of artificial intelligence, artificial intelligence coin projects dominate the crypto market. Blockchain indexing protocol The Graph (GRT) has seen its price tag increase significantly since the first day of February. Meanwhile, there is intense activity in unlocking assets at GRT. This points to an important development for the altcoin. Here are the details…
There are important developments for this artificial intelligence coin project
As we reported on Kriptokoin.com, The Graph (GRT) and SingularityNET (AGIX) have seen some correction in prices after the big jump last week. Meanwhile, there seems to be intense activity from The Graph’s early investors or founding team to unlock assets. The shift of funds to the AI tokens category marks big moves.
The Graph unlocked 36.8M $GRT($7.35M) and sent 18M $GRT($3.6M) to #Coinbase 7 hrs ago!
And graph.eth has been transferring $GRT to #Coinbase at price highs almost every time since Dec 15, 2022.
The price of $GRT increases by ~60% today.https://t.co/yZE9mED26E pic.twitter.com/dhZ49LBRul
— Lookonchain (@lookonchain) February 8, 2023
At the start of the week, the GRT token increased by nearly 200 percent, thanks to the huge interest in AI-based tokens. Around this time, early investors chose to raise their holdings in large volumes. Continuing the high-priced GRT transfer spree, the project team unlocked $36.8 million worth of $7.35 million worth of GRT, sending about half of it to Coinbase. Following this, approximately 2.4 million GRT worth $443,000 was unlocked and sent to a staking service.
Staking more tokens usually serves the purpose of additional security to the protocol while also earning more rewards as passive income. Based on market expectations and the chatbots battle between OpenAI and Google, AI cryptocurrencies may attract more investors.
What’s next for GRT?
It is worth noting that the US Fed has observed slower interest rate hikes and a strong recovery witnessed in the Bitcoin market, which typically leads altcoins to follow the trend. That is, with a relatively stronger risk appetite, purchases flooded the GRT market. The GRT price rally was accompanied by similar gains in data management platform tokens. The market cap of this industry has more than doubled so far in 2023, with Ocean Protocol (OCEAN), Mask Network (MASK) and Band Protocol posting gains of over 200 percent, 100 percent and 60 percent respectively.
From a fundamental point of view, GRT seems stronger due to healthy network metrics. The Graph, for example, posted 66 percent quarter-to-quarter growth in query fees revenue in Q4 2022 as subgraphs moved from hosted service to the decentralized network (mainnet) in March 2022 and beyond.
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