Whale deposits 50M GRT tokens to Binance amid The Graph price surge

October 26, 2023 02:01 AM PDT | By Invezz

Whale deposits 50M GRT tokens to Binance amid The Graph price surge — Image source: Invezz

A strategic move amidst The Graph price surge

The timing of this substantial deposit has not gone unnoticed by market observers. It coincides with a period of rapid price appreciation for GRT, which has garnered the attention of both retail and institutional investors.

With GRT’s value on the rise, “graph.eth” appears to be capitalizing on the favourable market conditions.

This isn’t the first time “graph.eth” has made waves in the world of GRT trading. As revealed by Lookonchain via a tweet, previously, between December 15, 2022, and February 7, 2023, “graph.eth” executed large-scale GRT token sales. Notably, this activity coincided with an earlier surge in GRT’s price.

It’s clear that “graph.eth” wields substantial influence within the GRT market, owing to its ability to impact prices significantly. Notably, on February 8, 2023, GRT experienced a downturn in its price, suggesting that “graph.eth’s” actions may have contributed to the market’s behaviour.

*GRT price after the last graph.eth token sale*

Cryptocurrency markets are known for their susceptibility to price fluctuations driven by a range of factors, including the actions of large token holders. As such, the price of The Graph may experience a similar downtrend if “graph.eth” whale goes ahead to sell the massive amount of GRT tokens through Binance.

The post Whale deposits 50M GRT tokens to Binance amid The Graph price surge appeared first on Invezz

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