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The price of the GRASS token rose by 60% to $1.82 this week, with a market cap now reaching $450 million. The airdrop, involving 1.5 million wallets, drove a surge in trading volume, highlighting growing market interest in decentralized utility tokens.
Record-Breaking Airdrop Propels GRASS to New Heights
GRASS is one of the most talked-about cryptocurrencies this week, with a price that is 60% higher at $1.82, a market valuation that has soared to $450 million, and daily trading volumes that have surpassed $400 million. Nearly 1.5 million addresses claimed the governance token during the GRASS airdrop earlier this week, making it the largest within the Solana ecosystem.
Before this, the record for the biggest Solana airdrop went to Jupiter, a popular decentralized exchange, with approximately 639,000 users claiming the tokens. Phantom, Solana's biggest wallet, went down on Monday, October 28, during the first GRASS token distribution.
Growing Wallet Eligibility and Market Momentum
The DePin project, which is situated in Solana, has more than 2.8 million wallets that met the timetable requirements and will receive GRASS tokens, which are the project charter.
As anticipation of listing on Tier-1 exchanges continues to rise, it has contributed significantly to the recent price rally of GRASS. Coinglass data shows that futures open interest for the governance token has increased to $90.33 million, a 73% rise. Additionally, there has been a 146% increase to $1.30 billion in daily trading volume for GRAS futures.
Unique DePIN Model Drives User Interest
An open, internet-scale web crawl that collects and validates data to teach AI bots is included in Grass, one of its unique DePIN initiatives.
Its mobile app and browser plugin have already attracted millions of users who clean and organize website data in exchange for GRASS tokens. Wynd Labs CEO and Grass contributor Andrej Radonjic said:
“Historically, your bandwidth has been stolen from you by companies that pay developers to sneak software into your free apps. They then turn around and allow F500’s and AI companies to use your device to scrape valuable web data. Today marks the first time ever that users are receiving network ownership for sharing their bandwidth. This bucks a 20+ year trend in an industry that has been reliant on extractive incentive structures.”
Expanding Use Cases for the GRASS Token
In addition to covering bandwidth expenses and facilitating "web traffic flow through the network," the GRASS token can be used for staking on the protocol.
Key Market Shifts Fuel GRASS Rally
A number of changes in the market have contributed to the spectacular increase in the value of the GRASS token in the past few days. According to Coingape, there are a number of reasons that are contributing to this rally:
- Rising Bullish TGEs: The market is demonstrating a robust interest in token generation events (TGEs), which are regaining popularity.
- Utility Over Memes: GRASS is garnering substantial attention as investors transition from meme coins to utility tokens.
- DePIN Sector Dominance: The market's continuing interest in decentralized physical infrastructure is underscored by the fact that DePIN remains a prominent vertical.
- Evolving Tokenomics: A successful method among low-float, high-FDV models is to switch to bigger initial unlocks, such as 25% for GRASS.
- High Volume Even Without Binance: GRASS's roughly $500 million in volume shows significant demand, even though it is not listed on Binance.
- Valuation Strategy: The choice to begin lower and enable community gains paid off, boosting momentum, after initially pegged at a $600 million valuation.
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