- The Graph project is well positioned to be a dominant, decentralized tool to search the future internet.
- It might be worth a look since it's trading at a double-digit discount today, and a deeper dip for the past 30 days.
The Graph project is also down 35% over the past 30 days, but will play a big role in Web3 -- the next generation of the internet.
According to CoinMarketCap, the overall cryptocurrency market is down about a percent today at press time, possibly in anticipation of the Federal Reserve's promised interest rate hike of half a percent next week in its attempt to slow record levels of inflation. However, it seems some projects traded on cryptocurrency exchanges are being hit harder today than others.
At the time of writing, the biggest crypto loser during the past 24 hours has been The Graph (GRT), which was down as much as 10.68% but recovered a bit and is trading at a price per token of $0.34, so shows CoinMarketCap. The Graph launched in late 2020 and is little more than a year old, yet is poised to be a next-generation leader when it comes to internet searches of Web3, the metaverse, NFTs, and anything connected to a blockchain.
Given that upside, is now a good time to buy GRT?
What is The Graph?
The Graph is an open-sourced software project -- think Linux versus Microsoft -- that gathers, processes, and stores large amounts of information from various blockchain applications for easy access and retrieval later. It's analogous to a superfast, personalized digital librarian on a global scale, but without tracking filters and ads based on your search histories like we see on Google, Bing, Exchange, and virtually all query sites.
Removing the need for centralized search websites and switching to decentralized, verifiable self-ordering information hubs, will empower Web3 users with more personal freedom, information control, and seamless movement across online networks.
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This enables near real-time data transfers in response to a query from any compatible application, of which there are hundreds. The latest information on the official Graph Reddit forum posted in December shows that the system handles 1.8 billion queries per day with no signs of slowing down.
The Graph blog site further states that the project now has five core development teams, and The Graph Foundation has provided grants to more than 100 contributors to improve and upgrade the ecosystem. Additionally, anyone can participate in the network and earn GRT as an information curator, indexer, or in other specified roles. This project has a lot going for it in the short and long term.
Should you buy GRT?
CoinMarketCap shows that not only is this project down more than 10% today, it's trading at a 35% discount from as recently as last month. This is not financial advice, and investors should always do their own research, investing only what they can afford to lose. However, The Graph project is well positioned to be a dominant future search tool of the internet. If you missed out on Google, you don't have to miss out on The Graph.
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