A new cryptocurrency, The Graph (GRT), soared 79.92% — more than any other coin in the 24 hours to press time — to $2.43 on Friday.
What Happened: GRT has spiked 176.7% on a seven-day trailing basis. The token of the entity that helps decentralized applications discover and organize blockchain data has reached a market capitalization of $3.04 billion.
The token was launched on Dec. 17 at a price of $0.26, which means the Graph has risen 834.62% since it made its debut.
See also: Best Cryptocurrency Brokers
The Graph Network is officially live! People all over the world are coming together to build a vibrant decentralized future on top of crypto networks.
Join the movement and come build the future you want to live in https://t.co/3YVpq4HrFt pic.twitter.com/63rc2z90ac— The Graph (@graphprotocol) December 17, 2020
Why It Matters: The price movement in the Graph is partly driven by a social media buzz on Reddit and Stocktwits. GRT.X was the top trending ticker on Stocktwits early Thursday at one point, ahead of Sundial Growers Inc. (NASDAQ:SNDL), Tilray Inc. (NASDAQ:TLRY), and Aphria Inc. (NASDAQ:APHA).
The Graph has left behind major cryptocurrencies as of press time. Bitcoin price (BTC) traded 5.04% at $46,998.37, while Ethereum (ETH) traded 1.45% higher at $1,749.99.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.