GRASS: DePin Project Token Experiences Increase, Breaks $1 Since Listing

Bittime - DePin's project, GRASS, has officially started trading on a number of exchanges following its highly anticipated airdrop. In a quite dramatic development, the price of GRASS briefly reached $1 before finally stabilizing at around $0.87.

Impressive Price Surge and Trading Volume

After the listing process, GRASS price soared from its initial level of $0.65 and managed to touch its peak at $1.10. This increase shows that the market has assessed the total valuation of this project (fully diluted valuation or FDV) at above $1 billion. Although the price later experienced a slight decline, the current figure remains higher compared to pre-market prices, reflecting investors' continued optimism towards this new token.

Also read: 7 Telegram Airdrops that Will Be Listing This November

GRASS trading volume also performed very well, with nearly $225 million traded in the last 24 hours. Data from CoinGecko shows that GRASS trading volume surpasses that of several other large tokens, such as Bittensor (TAO) and Filecoin (FIL), making it the leading token in the DePin trading sector.

Discussion Regarding Initial Circulating Supply

While there is enthusiasm among investors, discussions regarding the initial circulating supply of GRASS are starting to surface. According to the monthly GRASS token distribution schedule, 25% of the total 1 billion GRASS should be in circulation. However, some investors argue that the actual supply may be lower, ranging between 5-6%. A user on social media platform X revealed, “The circulating supply for GRASS is not 25%, but around 5-6%. About 10% is allocated for the first airdrop and another 10% for router and staker rewards that will be released gradually over the years.”

Potential Risks Associated with High FDV and Limited Supply

Analysis from Tokenomist indicates that projects that have high FDV but limited circulating supply may present significant risks for long-term investors. “Projects with small circulating supply but high FDV can be risky for those looking to invest in the long term,” their statement said.

Data from CryptoRank also shows that the GRASS unlocking process will last until 2028, at which point 0.01% of the total supply, which is equivalent to 146,200 GRASS, will be unlocked every day. This could provide continued selling pressure on the GRASS price.

Conclusion

GRASS, a DePin project developed by Wynd Network, offers an interesting opportunity for users who want to earn rewards by sharing internet resources through browser extensions. Despite facing challenges regarding supply and FDV, the significant growth in prices and trading volumes indicates strong interest in the market. Investors are advised to continue to monitor these developments closely.

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