Bear Market Shopping List: The Graph (GRT)
This project enables the querying of blockchain data, and virtually the web 3.0 ecosystem, much like Google’s search engine allows users to search the web. Currently, the project supports indexing data for Ethereum, IPFS and POA, with more networks on the way, according to Coinmarketcap.
Regarding the fundamentals of the project, it’s plain to see the project’s utility — much like Google’s search engine. More so, the project’s founders are what gets the crypto speculative juices flowing. The Graph’s team consists of team members with experience from The Ethereum Foundation, OpenZeppelin, Decentraland, Orchid, and MuleSoft, leading up to the IPO and acquisition by Salesforce, Puppet, Redhat and Barclays.
According to Coinmarketcap, the project’s usage has grown over 50% MoM to over 7 billion queries during September 2020. This growth demonstrates the project’s utility as we move to develop and adopt web 3.0.
On considering historical price action, The Graph’s token, GRT, has historical price data from December 17th, 2020, at 14 cents. The token peaked at $2.42 in February of 2021 and still has room to grow at a market capitalization of $2.23 billion. At that price, a market capitalization growth of 100x ($223 billion) is not impossible for future bull cycles, given the project’s sheer utility — working to bring reliable decentralized public infrastructure to the mainstream market. Note also that Bitcoin’s market capitalization is over $900 billion as of the time of writing, so a 100x on GRT is possible if the project lasts up to a decade. The GRT token is worth considering during the upcoming bear market shopping spree.
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