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The Graph's Token Soars as a Bevy of Exchanges Add the Cryptocurrency
Coinbase, Kucoin, OKEx, Kraken and Binance and other exchanges are now allowing trading of the GRT token.
Updated Sep 14, 2021, 10:46 a.m. Published Dec 20, 2020, 5:43 p.m.
The price of the token for indexing protocol has soared more than 425% in the last three days on Coinbase following its mainnet launch last week. A host of other cryptocurrency exchanges added the token to their list of offerings as well.
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- Coinbase, Kucoin, OKEx, Kraken and Binance are among the exchanges now allowing trading of the GRT token.
- With this wide exposure, the price of the token has exploded, rising more than 49% in the last 24 hours and giving The Graph a market value in excess of $750 million.
- The Graph is an indexing protocol and global API for organizing blockchain data and making it easily accessible with GraphQL.
- Developers can use Graph Explorer to search, find and publish all the public data they need to build decentralized applications.
- GRT's listing on Coinbase was likely a foregone conclusion as Coinbase Ventures was an investor in a $5 million token sale by the protocol earlier this year.
See also: Coinbase Ventures Invests in $5M Token Sale for Ethereum Data Firm ‘The Graph’
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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