In the latest GRT price Analysis, The Graph price is hammering the top of daily gainers, surging +18% over the past 24-hours. But why is GRT price pumping? Discover the Sunrise Upgrade, Sunbeam Phase, and ongoing Subgraph Migration.
Bitcoin, Ethereum, XRP, and almost all top-10 altcoins are struggling. Headwinds vary and are mostly fundamental.
However, despite the current market state, The Graph is resilient, and even printing has welcomed higher highs.
$GRT is still fighting with the red resistance area. #TheGraph is currently performing strong compared to other assets and is testing SMA50 as we speek while RSI (1d) and MACD (1d) is crossing bullish ⏳ https://t.co/vULxswxuF3 pic.twitter.com/pmf1BNYK6w
— Niklas Theisen (@NiklasTheisen) May 10, 2024
GRT Price Analysis: The Graph Price is Rising, Adds +18% In 24-Hours
Crypto market data doesn’t lie either. According to CoinMarketCap, GRT, The Graph native currency, is up an impressive +18% in 24 hours, changing hands at $0.31.
At this level, not only is the coin stretching Bitcoin and Ethereum, but it is also one of the top performers, pumped by rapidly expanding trading volume.
In the last 24 hours, participation has increased by +96% and might rise further should bulls press on.
(CMC)
Looking at the shift in sentiment, the uptick is not induced by price action but rather by fundamental developments.
In The Graph’s case, excitement is building because of the announcement of the Sunrise Upgrade.
But to understand the importance of the Sunrise Upgrade, you first have to know what The Graph does and its core objective.
At heart, The Graph wants to be the cornerstone of Web3, the new decentralized internet. For Web3 to be efficient, there must be a primary raw data source.
The Graph functions as a decentralized data marketplace using subgraphs in this setup. Subgraphs act as a method for indexing and accessing on-chain data generated by web3 platforms.
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The Sunbeam Phase Of The Sunrise Upgrade In Full Swing: Bulls Reap Massive Benefits
In a recent tweet, The Graph Foundation said it will distribute 4 million GRT to fuel the Sunrise Upgrade program, which aims to accelerate data autonomy and break monopolies.
Democratize Data. Revolutionize web3. Earn GRT 🌅
The Graph Foundation just launched the 4 million GRT Sunrise Upgrade Program – empowering anyone on the internet to revolutionize how the world accesses data.
Join and complete a variety of fun onchain and offchain missions… pic.twitter.com/J7QP6zTLAu
— The Graph (@graphprotocol) May 2, 2024
To ensure this happens, users The Graph’s hosted service are incentivized to upgrade their subgraphs to The Graph Network (a decentralized platform).
The migration window is open in the current “Sunbeam” phase, part of the Sunrise upgrade–sunray, sunbeam, and sunrise–. Accordingly, users have until June 12 to fully migrate their subgraphs to the mainnet.
To encourage this migration, The Graph offers a gassless upgrade and free monthly queries of up to 100,000 for users to experiment and explore the network without incurring costs.
In this way, they become instantly available, launching on a resilient and reliable network. Once this limit is surpassed, they can pay for services using debit/credit cards or GRT.
As of May 7, over 820 subgraphs have already been successfully upgraded.
The Sunbeam window will undoubtedly see more subgraphs migrate, opting to choose a resilient platform in The Graph, among other things. Since their migration permits using GRT to pay for services, the expected spike in demand will lift prices higher.
(GRTUSDT)
Based on the current expansion, GRT price might even more than double, breaking March highs of around $0.50 – especially if the crypto market returns to feverish fervor for the AI narrative – which has put wind behind the sails of a Graph price rally before.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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