After the completion of the airdrop, the GRASS token from the Grass Network DePin project finally appeared on exchanges. The price of the cryptocurrency immediately broke through the psychologically important mark of $1.
As of the time of writing, the daily trading volume of GRASS tokens exceeds that of all other DePin cryptocurrencies on the market. This makes the new altcoin the absolute leader in its niche.
GRASS is a leader in the DePIN sector
The premarket for the GRASS token started a few days ago. Then the coin was traded at $0.65. However, after listing, the price of the cryptocurrency sharply broke through the psychologically important mark of $1, immediately rising to $1.10.
At the time of writing, the cryptocurrency has already corrected and is now traded at $0.8444. Over the past 24 hours, the price of GRASS has decreased by 19.5%.
However, the token is still holding above the price it was trading at during the pre-sale. This means that the market is optimistic about the prospects for the new cryptocurrency.
Another strong argument in favor of bullish sentiment is the analysis of daily trading volume. According to CoinGecko, within the last 24 hours GRASS is in the lead in the DePIN tokens segment for this indicator. At the time of writing, the token’s trading volume exceeds $200 million.
The newly launched cryptocurrency has even surpassed sector giants such as Filecoin (FIL), Render (RENDER), io.net (IO), Internet Computer (ICP) and Bittensor (TAO).
Difficulty entering the market
The team of the popular DePIN project Grass announced an airdrop on October 25th. Even before the distribution began, the project plans had already faced criticism from the community. Users were outraged that only 10% of the total number of GRASS tokens was allocated to them. The cryptans considered this distribution of rewards extremely unfair.
According to monthly distribution schedule of GRASS tokensinitially 25% of the 1 billion tokens intended for the airdrop were supposed to go into circulation. However, the actual number of coins in circulation may be much less than stated:
Later, the airdrop itself added fuel to the fire. Users complained en masse that they could not access their earned rewards due to network congestion and an error in the Phantom wallet. In addition, some cryptans were disqualified during the distribution.
Grass is a blockchain protocol from the decentralized physical infrastructure networks (DePIN) sector. The project is designed to train artificial intelligence (AI).
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Source: Cryptocurrency
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