In the cryptocurrency space, it is always necessary to carefully look at the sales transactions of giant whales. In this context, a whale has now sold an AI coin. Of course, when there is a sale, the price immediately comes to mind. Let’s see how the developments turned out.
Negative case for AI coin
According to crypto analytics firm Santiment, a major asset-owning whale has slashed the price of Ethereum (ETH)-based indexing protocol The Graph (GRT). Santiment states that a whale, possibly a crypto exchange, has disposed of over $55 million in GRT. He also says that the price has since dropped. According to Santiment data, the whale with a large amount of assets disposed of its artificial intelligence coin GRT worth $55.3 million. cryptocoin.com When we look at it, the number is really big. This means a price correction for the cryptocurrency.
According to the firm, the whale sold its AI coin GRT for $0.130. At the time of this writing, GRT was trading at $0.128. Santiment emphasizes that Ethereum itself is struggling to maintain its price structure. Because he states that ETH holders are quick to make profits even after a rally last week.
How about the price?
After the sales we mentioned above, crypto whales started taking long positions again on the artificial intelligence coin GRT. Santiment’s chart below shows that crypto whales with 10 million to 1 billion GRT token balances have significantly increased their holdings. Between 23 May and 31 May, these individuals added 70 million GRT to their assets. It is necessary to take a good look at the bullish sentiment surrounding the AI coin space. Accordingly, it seems that large institutional investors are once again starting to buy the enthusiasm. Based on current market prices, the new investment by crypto whales is worth around $9.3 million.
On the other hand, crypto whales have a significant impact in the blockchain space. This whale hoarding spree is convincing other investors that it will be bullish as well. Also, bullish investors have started to increase demand for the artificial intelligence coin GRT. The exchange on-chain Market depth chart shows a sum of total buy/sell orders placed by the holders of the AI coin GRT on various crypto exchanges. Currently, GRT holders have placed orders to purchase 29.3 million GRT tokens. Meanwhile, sellers have only put up for sale 22.9 million tokens.
When demand exceeds market supply, competition increases. Accordingly, it creates upward pressure on the price of the asset. There is currently a supply gap of 6.2 million GRT. The price of GRT is likely to rise as buyers increase their bids to beat the competition. As a result, the accumulation frenzy among whale transactions and the shortage of supply in the stock markets could trigger further GRT price increases in the coming days. Given the bullish activity among whale traders, the GRT price could rise to $0.18 in the coming days.
