This Coin Is Up Over 1,000% In Two Weeks & No One Is Talking About It

Written by Jason Krutzky, Chartered Meme Technician at Spot Trading.

$GP (Graphite Protocol) has been going parabolic lately, up over 1,000% in two weeks, and I'm ashamed to say that despite many notifications from friends to ape in, I totally missed it. That ends now.

Let's dig into what's fueling this run and see if there's any opportunity left for us to capitalize on. (Spoiler alert... I think there is.)

❓WTF Is Graphite Protocol And How Is It Up Over 1,000% In Two Weeks

If you follow me on social, you've probably heard me talk about the Bonk Ecosystem memecoins that have been making serious waves these past few weeks.

Those coins all originate from one place: Letsbonk.fun - a token launching platform that lets you, me, or literally anyone create Bonk-branded tokens quickly and easily.

Simply put, $GP is ripping because it powers the entire Letsbonk.fun platform and collects massive daily fees for doing so.

📝 This Is Why $GP Is Important

$GP is essentially a B2B blockchain infrastructure company, so think of them as AWS for blockchain projects.

They build and license advanced smart contract infrastructure, minting protocols, and no-code development tools to businesses that need blockchain functionality but don't want to build it from scratch.

If you want to build you're own token launcher, you'd use $GP's tech to do it.

🏦 How $GP Prints Money

As payment for providing the technical infrastructure, approximately 7.6% of all Letsbonk.fun fees are automatically allocated to buying and burning $GP tokens.

With Letsbonk.fun currently generating $300,000 in daily fees on average, this results in roughly $21,000-$23,000 being allocated for $GP buybacks every day.

The team has already bought back 2.81% of the total $GP supply in just two months, with plans to repurchase approximately 26% of the supply annually. Every time they hit 5% of the supply, they do a burn event.

The $GP team are absolute chads. Simple as.

📈 What Do The Technicals Say?

When a coin runs 1,000% in a short period, you probably shouldn't be in any hurry to buy. It needs time for profit taking, and that's exactly what's happening now.

If you want to be patient, there's a clear level at $0.51 (the previous high) that you could keep an eye on. My gut says it doesn't retrace that far, though. If they sweep the swing low at $1, I'd be watching closely for a reversal.

🖼 The Big Picture

If you're bullish on the Bonk eco, you have to be bullish on Letsbonk.Fun. If you're bullish on Letsbonk.Fun, you have to be bullish on $GP.

Think of it like this: if the Bonk ecosystem grows, then usage of its token launcher will grow. This drives up the daily fees that the $GP team collects, which directly increases the capital available for $GP buybacks. 

It's a hell of a scheme, I must say.