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- A large whale has disposed of the Ethereum-based altcoin The Graph sending bearish concerns to investors holding the altcoin.
- Some investors are eyeing an opportunity to buy and reinvest in the altcoin ahead of another potential surge.
Crypto analytics platform Santiment has highlighted a major move by a whale invested in Ethereum-based altcoin The Graph (GRT). According to the firm, the whale has disposed of over $55 million worth of GRT. As a result, the Ethereum (ETH)-based indexing protocol has suffered a mid-size price correction.
Since the whale sold at around $0.130, The Graph has fallen lower to trade for $0.116 at the time of press, marking a 5 percent drop in the last 24 hours. As a result of the rapid price change, volume has drastically risen reaching $65,146,714, a 70 percent rise in the last 24 hours.
The Graph has seen a mid-sized price [correction]after a multi-asset whale disposed of $55.3M worth of GRT, as picked up by [Santiment] data. Pay attention to the altcoins moving into self-custody, and avoid those showing big inflows to exchanges.
Historically, crypto whales have the power to make or break a token. When whales are on a buying spree, they tend to trigger FOMO and lead to price explosions. However, on a selling spree, retail investors panic and sell off, often leading to a price crash.
As CNF previously reported, The Graph has been one of the most promising projects in the market. Since the launch of The Graph Network two years back, it has onboarded a total of over 200 indexers, 10,000 delegators, and 2,500 curators. At the start of the year, the altcoin was trading as high as $0.20.
Santiment further confirms that Ethereum is also struggling since it fell under $2,000. At the time of press, ETH has dropped by nearly 5 percent to trade at $1,800. The firm notes;
Ethereum is getting a large amount of profit-taking transactions after a mild +5% price jump the past week. Typically, we want to see a lot of traders hodling, and if this ratio comes down to Earth, it would be a signal ETH is on its way to $2,000.
Fundamentally both Ethereum and The Graph are strong and their project development is on an upward trajectory. As such, they will continue to build value and rally during the bull market. The Graph in particular recently celebrated 1,000 subgraphs published to the decentralized network.
And just like that… there are now 1,000 subgraphs published to the decentralized network! 🔥
Cheers to all dapps & protocols securing their data layer with decentralized infrastructure 👏
Now onto the next 1,000 subgraphs! pic.twitter.com/H3uujAyCTL
— The Graph (@graphprotocol) June 5, 2023
According to analysts, GRT ranked 41 by market cap, is set for a retest of its all-time high of $2.8 reached two years ago in December of 2020.
