$GT: Emotional exit, fundamental get on board

Today's surge seems more like a "continuation of valuation reconstruction" rather than a temporary hype. The data is presented first: $GT is currently priced around the $17–18 range, with real-time quotes from various aggregation platforms fluctuating slightly within this range, and the 24h trading volume remains at the tens of millions of dollars, indicating that the volume is not illusory.

Why is it said that this wave is not a one-day trip?
1: The supply side is continuing to tighten.

The official disclosure of the Q1 2025 burn has been completed, with 1,542,910 GT permanently destroyed, amounting to approximately 33.84 million USD at the time of the price calculation. This is not a slogan-style "deflation narrative" but a solid on-chain burn record, pushing the chips towards scarcity in the long term.

Looking at the circulation aspect again: The circulating supply given by the aggregation sites is approximately 119–123 million (with slight variations in different measurements), which means that with each quarterly burn, the marginal impact is increasing.

2: The demand side is shifting from "function coupons" to "ecological anchors"

The role of $GT is no longer just a "fee discount." The use cases surrounding the ecosystem are becoming increasingly robust, forming a closed loop of "usage - consumption - repurchase/destruction - scarcity," with sustainable demand. The narrative no longer relies on breaking news but on products and scenarios self-sustaining.

3: The market structure is healthy.

In the past few days, the price has steadily traded within the range of 17–18 dollars, combined with a 24-hour trading volume of about 20 to 25 million dollars, indicating that this round of increase is not a lightweight test. The combination of volume and price is more like a stepping stone before the main upward phase rather than a quick flash of "pulling up and leaving."

Threshold and watershed

What we need to focus on next is not whether there is "any news", but whether it can stabilize above 17 dollars and break out of the platform. With the tightening on the supply side and the expansion on the demand side resonating, as long as the upper limit of the range is confirmed as new support, capital expectations will often rise spontaneously. This logic does not require new stories every day to sustain.

Risk and Calibration

Discrepancy in caliber: Different data sources have varying definitions for "circulating supply/market capitalization" (whether it includes locked assets, cross-chain mappings, etc.). It is recommended to rely on time series from the same source for judgment to avoid horizontal errors.

Rhythm management: Quarterly burn is a "slow variable," and short-term fluctuations are still influenced by the overall market Beta; if the market pulls back, tactically, it is necessary to leave room for maneuvering.

Conclusion

This wave of $GT's upward movement is more like "fundamental compound interest being repriced." If the $17–18 range is confirmed as a new level, the trend is expected to continue; otherwise, consider it as a "reloading" from a high-quality turnover. Regardless of the path, the two main lines of tightening supply + ecological use are still progressing steadily. The transparent revolution of AI and DeFi is truly exciting.