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Last week, certain AI-focused tokens, such as The Graph (GRT), saw impressive gains of over 41%. The Graph has struggled since reaching 2021 highs of $2.88, but there is potential for improvement going forward.
With expectations building for the next cryptocurrency bull market and widespread bullish sentiment in the market, there are encouraging signs that $GRT could mount a rebound that could potentially push it past the $1 threshold in the coming weeks.
The usefulness of the $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 maintain the economic security of the Graph Network and ensure the integrity of queried data, participants utilize Graph tokens.
$GRT serves as a utility token used by indexers, curators, and delegators who lock it to facilitate indexing and curating functions within the network. $GRT, an ERC-20 token on the Ethereum blockchain, plays an important role in allocating resources across the network.
Those who actively participate as indexers, curators, and delegators can earn income proportional to their contributions and $GRT holdings. Indexers are compensated for indexing operations and query fees, while curators receive a portion of the fees from the subgraphs they endorse.
Meanwhile, delegators get a share of the income generated by the indexers they support. Notably, The Graph recently unveiled its Technical Advisory Board (TAB), comprised of six key members, marking an important milestone for the project.
📢 The Graph Foundation is pleased to announce the launch of the Technology Advisory Board (TAB) and its six founding members.
– @facuspagnuoloCo-founder and CTO @mimicfi
– @marcandufounder @ellipfra
– @Hope11Software Developer Technical Director @graphopsxyz
– Derek…— Graph (@graphprotocol) February 20, 2024
The Board is prepared to strengthen The Graph’s research and development efforts, with each member working closely with contributors to accelerate the progress of R&D initiatives.
$GRT price prediction
The current price of The Graph is $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, $GRT price has decreased by -1.40%, while over the past 30 days it has risen from $0.14 to $0.28, showing a notable increase of 79%.
During this period, market capitalization surged from $1.35 billion to $2.72 billion. The 14-day RSI on the graph is 75.91, which indicates that $GRT may be currently undervalued. If the current pattern continues, the price of $GRT could potentially reach the resistance levels of $0.284 and $0.312.
Conversely, if the trend reverses, the price may fall to $0.246 and $0.228. Going forward, with future upgrades and developments in The Graph ecosystem, it is possible that $GRT will reach $1 in the near future. However, some experts advise against being overly optimistic about the price of $GRT.
Reaching previous all-time highs may be unrealistic due to changes in token economics that will dilute token value through increased token supply, making it difficult for the price to surpass previous highs.
For a more comprehensive understanding of The Graph’s price predictions, watch the video above and subscribe to his YouTube channel for more cryptocurrency-related content. Jacob Crypto Bury also maintains a Discord server with 21,000 members, providing users with trading tips and insights on upcoming cryptocurrency presales.
conclusion
Amid the excitement surrounding AI tokens, The Graph has emerged as a pivotal infrastructure provider fueling new enthusiasm. The arrival of TAB represents a significant milestone for The Graph, and bringing this team of experts on board demonstrates our unwavering commitment to technical proficiency and community engagement.
While there is optimism about the price of $GRT, it is important to recognize that $GRT’s market capitalization would need to increase tenfold to achieve previous price levels. This can be difficult.
This highlights the importance of setting more achievable goals for potential profits and highlights the importance of understanding the token economics of your project.
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