Whale deposits 50M GRT tokens to Binance amid The Graph price surge
- The Graph (GRT) token is on a very strong bullish trend.
- A whale deposits 50 million GRT tokens, valued at $5 million, into Binance.
- There are fears that if the whale sells the tokens it has transferred to Binance, GRT price will dip.
In a recent development within the crypto market, a notable player, known as “graph.eth,” has made a significant move by depositing a staggering 50 million The Graph (GRT) tokens worth approximately $5 million to the Binance exchange.
This move comes amidst a remarkable surge in the price of The Graph’s native token, GRT. The cryptocurrency has surged by a remarkable 29% in the last seven days.
A strategic move amidst The Graph price surge
Copy link to sectionThe timing of this substantial deposit has not gone unnoticed by market observers. It coincides with a period of rapid price appreciation for GRT, which has garnered the attention of both retail and institutional investors.
With GRT’s value on the rise, “graph.eth” appears to be capitalizing on the favourable market conditions.
This isn’t the first time “graph.eth” has made waves in the world of GRT trading. As revealed by Lookonchain via a tweet, previously, between December 15, 2022, and February 7, 2023, “graph.eth” executed large-scale GRT token sales. Notably, this activity coincided with an earlier surge in GRT’s price.
It’s clear that “graph.eth” wields substantial influence within the GRT market, owing to its ability to impact prices significantly. Notably, on February 8, 2023, GRT experienced a downturn in its price, suggesting that “graph.eth’s” actions may have contributed to the market’s behaviour.
Cryptocurrency markets are known for their susceptibility to price fluctuations driven by a range of factors, including the actions of large token holders. As such, the price of The Graph may experience a similar downtrend if “graph.eth” whale goes ahead to sell the massive amount of GRT tokens through Binance.
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