Over the past few months, the Graph token has maintained 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 on the market, this token did not see the light of day after the brutal crash in May. In fact, it is trading quite far from its highs of $ 2.8.
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 gained as much from 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 this 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.
So far in November, the protocol was only 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 number of active addresses, for example, has always been less than 1%. That number was much higher in the first half of this year. The same can be demonstrated from the attached table.
Now, when it comes to Ethereum, the aforementioned crowd interaction numbers have been comparatively better.
GRT’s cumulative transaction volume also succumbed to a decline after July. And, he 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.
According to ITB data, this metric has lost almost a third of its value in the past 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 view of the trends mentioned above, the recovery of GRT at this stage seems unlikely. Alt’s correlation with Ethereum has also weakened lately. 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.