The Graph GRT coin: While ChatGPT and Google vie for the pole position in the AI chatbot space, AI tokens are dominating the crypto market. Cryptocurrencies linked to the AI domain, The Graph (GRT) and SingularityNET (AGIX) saw some correction in prices after a huge jump over the last week. Meanwhile, there seems to be heavy activity from The Graph’s early investors or the founding team in terms of unlocking assets. In the context of the huge shift in wealth to the AI token category, the big moves lead to speculation for more upside.
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The Graph (GRT) Coin Unlock
At one stage earlier in the week, GRT token rose by around 200% thanks to the huge interest in AI based tokens. It was around this time that the early investors chose to unlock their holdings in huge volumes. Continuing their spree of GRT transfers at high prices, the project team unlocked 36.8 million $GRT worth $7.35 million and sent around half of it to Coinbase. Following this, around 2.4 million $GRT worth $443,000 were unlocked and sent to a staking service.
The Graph unlocked 36.8M $GRT($7.35M) and sent 18M $GRT($3.6M) to #Coinbase 7 hrs ago!
And graph.eth has been transferring $GRT to #Coinbase at price highs almost every time since Dec 15, 2022.
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The price of $GRT increases by ~60% today.https://t.co/yZE9mED26E pic.twitter.com/dhZ49LBRul
— Lookonchain (@lookonchain) February 8, 2023
More Upside For GRT?
Staking more tokens generally serves the purpose of added security to the protocol while also gaining more rewards as passive income. Going by market expectations and the war of chatbots between OpenAI and Google, AI crypto tokens could surely attract more investor interest.
As of writing, the GRT price stands at $0.179, down 4.34% in the last 24 hours. Meanwhile, the rest of the crypto market did not react much to US Fed Chair Jerome Powell’s comments about the need to rise interest rates in coming months. The Bitcoin (BTC) price deviated in a bare minimum range in the hours after Powell’s speech at The Economic Club of Washington DC.
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