The graph ($GRT) has witnessed a sharp decline following a bullish trend.

The Graph ($GRT), known for its indexing protocol that facilitates data queries on networks such as Ethereum and IPFS, has recently experienced a change in market dynamics.

Despite a bullish trend that saw an impressive 65% gain over the past few months, the token suddenly showed a decline of over 6% on the 24-hour daily chart.

Spotonchain’s on-chain report provided insight into recent activity related to The Graph. Two wallets associated with The Graph ecosystem have collectively deposited 55 million GRT tokens, worth $13.4 million, to Binance via GSR Markets at an average price of $0.244 over the last 26 hours.

The two wallets are linked. @graphprotocol 55 million deposited $GRT (USD 13.4 million) ~ #Binance For the last 1.5 days.

Specifically, they received 62.1M $GRT I deposited money quickly after doing it on “The Graph: Token Lock Wallets” on February 19th and 20th. $GRT To Binance #GSRMarket!

Currently still holds 7.69 million $GRT ($1.83 million)… pic.twitter.com/NychLZHEKn

— Spot on Chain (@spotonchain) February 21, 2024

Interestingly, these two wallets received a significant amount of 62.09 million GRT from two separate The Graph token-locked wallets within the last 30 hours. Afterwards, most of these tokens were quickly transferred to GSR Markets for storage on Binance.

GRT Whale Accumulation and Transfer

A total of 7.69 million GRT tokens, or $1.9 million worth of GRT tokens, currently remain in both wallets. Wallet address 0x728 contains 5 million GRT worth $1.24 million, and wallet address 0x763 contains 2.69 million GRT worth $664,000.

Trading patterns represent the strategic movement of funds within The Graph ecosystem. In particular, the wallet received significant inflows of 62.1 million GRT from The Graph Token Lock Wallets on February 19th and 20th, followed by immediate deposits of GRT to Binance via GSR Markets. The wallet currently holds 7.69 million GRT worth $1.83 million.

Recent fluctuations in The Graph market activity highlight the complex interplay of factors influencing cryptocurrency trends. The trajectory of The Graph token will depend on ongoing market dynamics and investor sentiment as stakeholders closely monitor developments.

Disclosure: This is not trading or investment advice. Always do your research before purchasing cryptocurrency or investing in any service.

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