Crypto
The Graph Doubled in Eleven Days, Then Lost 15% Overnight
GRT climbed from $0.0169 on September 16 to $0.0367 late on Sunday, including a 30% jump on the day itself. By 04:00 UTC on Monday it was back at $0.0314.
The Graph's GRT token has been one of September's sharpest movers. From a low of $0.01692 on the afternoon of September 16, it closed higher on nine of the eleven sessions from September 17 to 27, and finished with a burst: a 30.4% gain on Sunday, capped by a high of $0.0367 in the final hour of the day. That was 117% above the September 16 low. The best single hour, at 21:00 UTC, added 9.3%.
The size of the market matters here. GRT's spot trading on Binance ran at well under $1 million a day in mid-September. Sunday's session traded about $8.6 million — more than twice its busiest day of the previous two weeks, but a small sum next to the hundreds of millions that change hands in coins like NEAR or Zcash on an ordinary day. In a book that thin, a modest wave of buying can move the price a long way. So can a modest wave of selling.
Monday showed it. In the first five hours of the day (UTC), GRT fell to $0.03135, 14.6% below Sunday's high, with three separate hours each losing more than 4% — the largest early-Monday decline among the coins we track. At around $0.0325 it is still up about 90% from its September low, and still roughly 99% below the $2.80-plus it reached in February 2021.