The Graph (GRT) is having a bullish moment, rising over 8% in the last 24 hours to become one of the market’s top-performing cryptocurrencies.
This comes as the token benefits from growing interest in reliable and transparent indexing services.
Meanwhile, a promising new AI project called Scotty the AI (SCOTTY) has just hit the $400,000 milestone in its presale, as the development team looks towards a full launch in the coming months.
The Graph’s strong 24-hour performance comes during a positive spell for the cryptocurrency.
Over the last day, GRT has risen over 8% to $0.195 – its highest value since January 5.
This rapid increase propels the token to fifth place among the top gainers on CoinMarketCap.
In addition to the sharp price spike, The Graph has seen spot trading volumes surge 79% to $119 million.
This shows strong interest and activity around GRT from retail (and possibly institutional) traders.
Looking at the broader picture, GRT now stands just 15% below its yearly high of $0.225, reached on January 2.
Given the current momentum and heightened trading activity, some analysts speculate The Graph may retest this high if market conditions remain as they are.
Technical analyst Clifton Fx on Twitter stated that the weekly breakout is “done” – setting a price target of $0.507 for GRT.
For those unaware, The Graph is a decentralized protocol that allows developers to efficiently index and query blockchain data using GraphQL – similar to how search engines index and retrieve internet data.
The native GRT token powers various functions within this ecosystem yet has also been used as a way for investors to speculate on The Graph’s potential.
Investors have several reasons to be excited about The Graph in 2024.
Firstly, plans are underway to integrate artificial intelligence (AI) into the querying system to improve its capabilities significantly.
Secondly, The Graph already supports multiple blockchains and is expanding compatibility.
Finally, since the protocol is governed by a DAO, GRT holders can guide decision-making.
While broader market sentiment will likely dictate GRT’s price, The Graph’s unique value proposition and ongoing development provide a clear reason for investors to be excited about the year ahead.
As The Graph continues its upward charge, another AI crypto, Scotty the AI, is attracting attention.
Having raised over $400,000 in its presale, the project plans to launch products like Scotty Swap for seamless token trading and ScottyChat for crypto insights from an AI companion.
This latter product is generating significant hype since it will incorporate advanced technology to analyze price data, spotting patterns that humans might miss.
In turn, this could give ScottyChat users an edge in the market – helping them identify under-the-radar gems.
Scotty the AI’s team has big plans ahead with aggressive marketing to drive awareness, exchange listings, and even a “Scotty Times” digital newsletter.
Given the project’s combination of AI and crypto, it’s no surprise that Scotty the AI has already built up a significant following on Twitter.
SCOTTY token has also been ranked third on CoinSniper.net, a popular platform for discovering new and promising tokens in their early stages.
YouTuber Michael Wrubel, who has over 310,000 subscribers, even described it as his “#1 meme crypto for 2024.”
At the time of writing, early investors can buy SCOTTY tokens for just $0.0053 during the presale – although this price is only available for a limited time before increasing in later stages.
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