Why The Graph Cryptocurrency Is Skyrocketing Today, Outperforming Bitcoin, All Other Coins

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.

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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. SNDL, Tilray Inc. TLRY, and Aphria Inc. 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.