The Graph has emerged as one of the top cryptocurrency gainers as its new AI coin raises $400,000.
The Graph (GRT) is on a strong run, up over 8% in the last 24 hours, making it one of the best performing cryptocurrencies on the market.
This is because the token benefits from the growing interest in reliable and transparent indexing services.
Meanwhile, a promising new AI project called SCOTTY (Scotty the AI) has reached its goal of $400,000 in presales, and the development team is targeting a full launch in the coming months.
GRT price soars due to increase in trading volume and investors
The graph’s strong 24-hour performance comes when there is a positive impact on the cryptocurrency.
Over the past day, GRT has risen more than 8% to $0.195, its highest since January 5.
This rapid increase propelled the token to fifth place among CoinMarketCap’s top gainers.
In addition to the dramatic price surge, The Graph’s spot trading volume increased 79% to $119 million.
This shows strong interest and activity in GRT from retail (and institutional) traders.
Looking at the broader picture, GRT is currently around 15% below its yearly high of $0.225 reached on January 2nd.
Given the current momentum and heightened trading activity, some analysts speculate that The Graph could retest this high if market conditions remain as they are.
Technical analyst Clifton Fx said on Twitter that the weekly breakout is “complete” and set a price target for GRT at $0.507.
Key Drivers of The Graph’s Cryptocurrency Market Takeover in 2024
For those who don’t know, The Graph is a decentralized protocol that allows developers to efficiently index and query blockchain data using GraphQL. This is similar to how search engines index and search Internet data.
The native GRT token powers a variety of functions within this ecosystem, but has also been used as a way for investors to speculate on the potential of The Graph.
There are several reasons investors are excited about The Graph in 2024.
First, we plan to significantly improve performance by incorporating artificial intelligence (AI) into the query system.
Second, The Graph already supports multiple blockchains and is expanding its compatibility.
Lastly, the protocol is governed by a DAO, so GRT holders can guide decisions.
While broader market sentiment will likely determine GRT’s price, The Graph’s unique value proposition and ongoing development give investors clear reasons to be excited about the year ahead.
AI pre-sale Scotty raised $400,000 through hype around its disruptive ScottyChat feature.
As The Graph continues its upward trend, another AI cryptocurrency, Scotty the AI, is attracting attention.
The project, which raised more than $400,000 in pre-sale, plans to launch products such as Scotty Swap for seamless token trading and ScottyChat for cryptocurrency insights from an AI companion.
The latter product is generating considerable hype because it incorporates advanced technology to analyze pricing data and spot patterns that humans might miss.
In turn, this can give ScottyChat users an edge in the market, helping them identify hidden gems.
Scotty, the AI team, has big plans ahead with aggressive marketing to drive awareness, exchange listings, and even a “Scotty Times” digital newsletter.
Considering the project’s combination of AI and cryptocurrency, it’s no surprise that AI Scotty has already built one. important followerg on twitter.
SCOTTY token ranked 3rd on CoinSniper.net, a popular platform for discovering new and promising tokens at an early stage.
YouTuber Michael Wrubel, who has over 310,000 subscribers, even described it as his “#1 meme cryptocurrency of 2024.”
As of this writing, early investors can purchase SCOTTY tokens for just $0.0053 during the pre-sale period. However, these prices will only be available for a limited time before being increased at a later stage.