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In the past week, certain AI-focused tokens such as The Graph (GRT) experienced impressive gains exceeding 41%. Although The Graph struggled after reaching its peak of $2.88 in 2021, there’s potential for improvement ahead.
With anticipation building for the next crypto bull run and a prevailing optimistic sentiment in the market, there are encouraging indications that $GRT could stage a comeback, potentially surpassing the $1 threshold in the coming weeks.
The Utility of $GRT Token and The Graph’s Technical Advisory Board in Decentralized Infrastructure
The Graph is actively engaged in democratizing decentralized public infrastructure for widespread adoption. To uphold the economic security of The Graph Network and ensure the integrity of queried data, participants utilize Graph token.
$GRT serves as a utility token employed by Indexers, Curators, and Delegators, who lock it up to facilitate indexing and curating functions within the network. As an ERC-20 token on the Ethereum blockchain, $GRT is instrumental in allocating resources across the network.
Those actively involved as Indexers, Curators, and Delegators stand to earn income commensurate with their contributions and $GRT holdings. Indexers reap rewards from indexing tasks and query fees, while Curators receive a portion of fees from subgraphs they endorse.
Delegators, meanwhile, earn a share of the income generated by the Indexer they support. Notably, The Graph recently unveiled its Technical Advisory Board (TAB), comprising six key members, signifying a significant milestone for the project.
📢 The Graph Foundation is excited to announce the launch of the Technical Advisory Board (TAB) and its six inaugural members:
– @facuspagnuolo, Co-founder and CTO @mimicfi
– @marcandu, Founder at @ellipfra
– @HopeYen11, Software Developer Technical Lead at @graphopsxyz
– Derek…— The Graph (@graphprotocol) February 20, 2024
This board is poised to bolster The Graph’s research and development efforts, with each member collaborating closely with contributors to expedite progress in R&D initiatives.
$GRT Price Prediction
Currently, The Graph is priced at $0.267, with a trading volume of $340.23 million over the last 24 hours and a market capitalization of $2.52 billion. Over the past day, the $GRT price experienced a decrease of -1.40%, while it witnessed a notable increase of 79% over the past 30 days, rising from $0.14 to $0.28.
During this period, its market cap surged from $1.35 billion to $2.72 billion. The Graph’s 14-day RSI stands at 75.91, indicating that $GRT may be currently undervalued. If the current pattern persists, $GRT’s price could potentially reach resistance levels at $0.284 and $0.312.
Conversely, a reversal in trend might lead to a price decline to $0.246 and $0.228. Looking ahead, with future upgrades and advancements in The Graph ecosystem, there’s a possibility for $GRT to reach $1 in the near future. However, some experts advise caution against overly optimistic expectations regarding $GRT’s price.
Achieving previous all-time highs may prove unrealistic due to changes in tokenomics, which have diluted the token’s value through an increase in token supply, thereby making it challenging for the price to surpass previous peaks.
To gain a more comprehensive understanding of The Graph’s price prediction, watch the video above and subscribe to his YouTube channel for additional crypto-related content. Jacob Crypto Bury also manages a Discord server with 21,000 members, offering users trading tips and insights into upcoming crypto presales.
Conclusion
Amidst the excitement surrounding AI tokens, The Graph emerges as a pivotal infrastructure provider, sparking renewed enthusiasm. The arrival of the TAB represents a significant milestone for The Graph, signaling a firm dedication to technical proficiency and community engagement by enlisting this team of experts.
While optimism surrounds the $GRT price, it’s crucial to recognize that achieving previous price levels would require a 10X increase in market capitalization for $GRT, a feat that may be challenging.
It underscores the importance of setting more achievable targets for potential gains and emphasizes the significance of comprehending the project’s tokenomics.
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