In the past 24 hours, notable activity involving $GRT (The Graph) tokens has been observed.
Thirteen hours ago, a wallet identified as 0xB94 deposited 8.11 million $GRT (approximately $1.7 million) to Kraken.
This followed another significant deposit 22 hours ago, where a wallet identified as 0x285 transferred 8.1 million $GRT (about $1.74 million) to Kraken. Both wallets are linked to “Notilus,” an early investor in $GRT.
13 hours ago, a wallet 0xB94 deposited 8.11M $GRT (~$1.7M) to #Kraken.
22 hours ago, a wallet 0x285 also deposited 8.1M $GRT (~$1.74M) to #Kraken.
These 2 wallets both belong to "Notilus" – an early investor of $GRT.
Addresses:https://t.co/vERGdvIZMvhttps://t.co/T0qrsu4Y1l pic.twitter.com/EiXgzLTgT6
— The Data Nerd (@OnchainDataNerd) June 24, 2024
$GRT Price Action To Monitor Following Recent Happenings
These large deposits resulted in $GRT’s price falling below the crucial $0.20 support mark. Despite this dip, $GRT has demonstrated remarkable resilience. The token recently broke out, confirming primary support around the $0.20 level. This breakout indicates potential bullish momentum, especially if Bitcoin (BTC) continues its upward trend.
$GRT’s ability to maintain stability and recover swiftly is a testament to its strength in the market. The significant deposits by Notilus might have initially triggered a sell-off, but the token’s robust fundamentals and investor confidence have helped it rebound.
The broader market sentiment also plays a crucial role in $GRT’s performance. With Bitcoin showing signs of an upswing, the positive momentum could spill over to $GRT and other altcoins. Investors are watching closely to see if $GRT can capitalize on this potential bullish trend.
In conclusion, while the large deposits by Notilus led to a temporary dip in $GRT’s price, the token’s resilience and recent breakout are positive indicators. As the market anticipates further bullish momentum from Bitcoin, $GRT is well-positioned to benefit and possibly exceed its primary support levels. Investors should keep an eye on $GRT’s performance in the coming days, as it could signal strong opportunities for growth amid the evolving crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.