Graph Token (GRT) Price Plunge: Will the Selling Spree Continue Amidst Whale Frenzy?

  • The Graph Token (GRT) experienced a significant loss in value, up to 10%, due to the large transactions made by whales.
  • On July 4th, Lookonchain, an on-chain analytics platform, shared data on Twitter showing that a GRT whale made transfers and sales worth $886,000 in a single day.
  • The whale deposited 6 million GRT, worth $786,000, to Binance through the wallet “0xDe3” and sold 750,000 GRT, worth $100,000, through decentralized exchanges (DEX) from another wallet address “0xd89”. Additionally, the whale transferred 5 million GRT, worth $655,000, to Coinbase.

The Graph Token (GRT) experienced a significant loss in value, up to 10%, due to large transactions made by whales. On July 4th, a GRT whale made transfers and sales worth $886,000 in a single day. The whale deposited 6 million GRT, worth $786,000, to Binance and sold 750,000 GRT, worth $100,000, through decentralized exchanges (DEX). Furthermore, the whale transferred 5 million GRT, worth $655,000, to Coinbase.

The Graph Token (GRT) Experiences Value Loss Due to Whale Transactions

A recent report from Lookonchain, an on-chain analytics platform, reveals that The Graph Token (GRT) has suffered a significant loss in value, reaching up to 10%. This decline can be attributed to the large transactions carried out by whales in the cryptocurrency market.

Whale’s Massive Transactions

On July 4th, Lookonchain shared data on Twitter, highlighting a specific GRT whale who conducted transactions and sales worth $886,000 within a single day. The whale’s activities were further confirmed by Etherscan data, which showed an additional transfer of $655,000.

The whale utilized the wallet address “0xDe3” to deposit 6 million GRT, equivalent to $786,000, into the popular cryptocurrency exchange Binance. Simultaneously, the whale sold 750,000 GRT, valued at $100,000, through decentralized exchanges (DEX) using another wallet address “0xd89”.

Transfer to Coinbase

In addition to the transactions mentioned above, the whale also transferred 5 million GRT, worth $655,000, to Coinbase, a well-known cryptocurrency exchange. Currently, the whale holds a total of 28.52 million GRT, valued at $3.7 million, and has staked 25.3 million GRT.

Other Whale Transactions

Lookonchain’s analysis also revealed the activities of two other whales with wallet addresses “0x4c0” and “0x969”. These whales transferred a total of 2.13 million GRT and 4.67 million GRT, respectively, amounting to $890,000, to the cryptocurrency exchange KuCoin.

While it remains uncertain whether the whales have entirely sold off their GRT holdings, the possibility of further price drops exists if they have not sold all of their tokens.

According to CMC data, the whale associated with the wallets “0xDe3” and “0xd89” caused a significant decline in GRT’s value, reaching nearly 10%. However, the token has since experienced a partial recovery, increasing by approximately 4% and reaching a trading price of $0.131 per GRT. As of now, GRT is being traded at $0.131 per token.

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