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Grap Finance Surge 1000% While Cover Protocol Price Plunge Heavily

Highlights

    The Grap price which remained very low since a couple of months spiked suddenly with a gain of nearly 1000%

    Binance stopped the trading of Cover Protocol as a large group of nearly 160K members dumped the Cover price to short it

    The Grap Finance price is expected to touch $1 in the coming days

Grap Price Spiked Instantly, Will It Hit $1?

Graph finance which is a hard fork of the YAM project surged dramatically from $0.05 to nearly $0.25 in a very small time frame. However, the market capitalization still remains zero, and the trading volume in the last 24 hours has exceeded $2,161,747.09.

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grap finance chart

The Grap cryptocurrency operates on Ethereum platform and the total & circulating supply is not yet known. The volume spiked enormously within a very short span of time and speculated that the surge may be a result of the same group which are responsible for shorting the cover price.

At present, the grap price has dipped after a magnificent surge that touched $0.8 and dipped to the current levels at $0.2527. The surge is expected to continue in the coming days which can pull the price close to $1.

Cover Protocol Scrambled to Ashes 

The group of more than 160K people appears to have to attack a new asset every new day. After the manipulation with the XRP price and the GRT price, now, the group has attacked the Cover price.

COVER protocol price chart

The Cover protocol dipped beyond anyone’s thinking from more than $800 to straight below $20 within the blink of an eye. The attack is speculated to have been carried out by the group on Discord who manipulated the price of other tokens. 

It is been said that the people dumped the cover price in order to short them. Therefore exchanges like Binance suspended the trading for the token. 

The Cover protocol in its official blog described the whole attack process which also includes the Grap token. However, a recent update from the Cover Protocol says that they are considering issuing new COVER tokens to the holders at the snapshot time.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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