Ethereum-based Altcoin’s Explosive Rise Breaks $1 Billion Market Cap Record
The value of an Ethereum-based token skyrocketed by an amazing 175% in the span of just one week, reaching the major market cap threshold of $1 billion, making waves in the cryptocurrency community.
Increase in token value from $0.08 to $0.239 and subsequent decline to $0.177
The token, which had a starting price of $0.08, rose to an all-time high of $0.239 before falling back to its present price of $0.177.
Soaring revenue stream causes rising adoption rates
The quick price rise is being attributed by cryptocurrency analytics company Messari to an expanding revenue stream from query fees, which are usage-based payments. The company states that The Graph saw a phenomenal 6,228% rise year over year and a 66% increase in GRT income from query fees from quarter to quarter (YoY).
The Graph Will Promote Additional Growth and Innovation in the Web3 Sector
According to Messari, The Graph will continue to develop its network by adding subgraphs or data-curating APIs, which might speed up innovation in the Web3 industry.
advised investor caution
Before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets, investors are recommended to exercise prudence and perform comprehensive study.