Graph Token Sees 25% Surge Amid Query Migration Plans
The Graph's GRT token has seen a 25% price surge in recent days, driven by preparations for its query migration. The Graph Foundation is moving its query traffic from Subgraph Studio to The Graph Network, which will allow decentralized indexers to process queries and earn fees in GRT.
This transition will begin on October 8th with the BNB Smart Chain and Polygon networks, with other networks joining later. As a result, market activity around GRT has increased, with spot volume surging by 530.9% to $117.1 million.
Fresh leverage has also flooded into GRT derivatives, with trading activity soaring by 892.99% to $150.25 million and Open Interest increasing by 61.59% to $29.74 million. However, this surge in OI adds sensitivity to subsequent price movements, as sharp reversals could trigger leveraged traders to unwind positions quickly.
The Futures positioning is also a counterweight to GRT's recent rally, with sellers dominating the futures market and exchange reserves rising 11.45% to $49.7164 million. This suggests that more GRT has accumulated across exchanges during the price advance, which could strengthen selling pressure if demand weakens.