Over the past few months, Graph token has been maintaining a monotonous trend on the price charts. Despite local highs reached here and there, the TSO traded widely at less than $ 1.
Unlike other altcoins in the market, this token has not seen dawn post-May’s brutal crash. In fact, it has been trading at quite a distance from its $2.8 highs.
Ethereum to Graph’s rescue?
The Graph is an indexing protocol that queries data for networks like Ethereum. Its daily query volume recorded new highs successively over the April-June period. Lately, however, it seems that things have calmed down.
More so, because the protocol hasn’t been earning that much when compared to the aforementioned three-month period earlier this year. According to data from Token Terminal, Graph’s total revenue crossed $ 33.7,000 in April, $ 14.3,000 in May and $ 87.4,000 in June.
During that phase, Ethereum and Graph’s revenue moved hand-in-hand in the same direction. Sadly, recently Etheruem was able to continue registering long bars on its revenue graph, while the Graph numbers have only kept going down.
Until now, in November, the protocol has only been able to earn $5.3k.
Even when it comes to the state of other metrics, Ethereum and Graph are heading in totally opposite directions. Graph’s active address count, for instance, has been consistently under 1%. This number was way higher during the initial half of this year. The same can be evidenced from the chart attached below.
Now, when it comes to Ethereum, the aforementioned crowd interaction numbers have been comparatively better.
GRT’s cumulative transactional volume also succumbed to a downslide after July. And, it hasn’t been able to recover from it yet. In fact, the lack of dynamism and the decrease in the interest of market players were also highlighted by the decline in the average balance.
As per ITB’s data, this metric shed almost one-third of its value in the last two weeks alone. On November 9, an average HODLer had GRT tokens worth $ 150,000. Nonetheless, at the time of writing, the same had already dropped to a level of around $ 100,000.
In light of the aforementioned trends, GRT’s recovery at this stage seems to be unlikely. The alt’s correlation with Ethereum has additionally weakened of late. This means that even if ETH ends up appreciating in value in the days to come, GRT would not be able to take advantage of it.
