The Grass crypto token soared to a record high as investors moved to risky assets like digital coins and stocks. GRASS jumped to a high of $2.36, 277% from its lowest level in October, bringing its fully diluted valuation to over $2 billion.
Grass price in a high-volume environment
The Grass token surged to an all-time high in a high-volume environment. Data by CoinMarketCap showed that the volume jumped by 60% to over $409 million, the highest level in weeks.
The jump also happened as the futures open interest soared to over $93.95 million, a record high. This open interest was substantially higher than the Oct. 9 low of $15.9 million.
It is also notable because it has not been listed by Binance, the biggest crypto exchange in the world. However, with Grass turning into the best-performing airdrop of the year, there are rising odds that it will be listed by other tier-1 exchanges like Coinbase and Kraken.
Grass rally coincided with the sea of red in the cryptocurrencies industry. Bitcoin jumped to a record high of $75,600, while the crypto fear and greed index moved to the greed area of 62. At the same time, investors continued to move to cryptocurrencies, with the iShares Bitcoin Trust having an intraday volume of over $1 billion.
For starters, Grass is a blockchain company that lets users earn tokens by just installing its extension in their computers. After earning these tokens, users can now convert them into fiat currencies. It has over 2.8 million users globally.
The developers have also expanded the network to include search. In the new stage, search results are routed through the Grass Network.
Could the Grass crypto hit $5?
The hourly chart shows that the GRASS token has been in a strong bull run in the past few days. It has moved from the record low of $0.6215 to $0.6215, a 284% increase.
It rallied above the important resistance level at $1.9560, its highest swing on November 2. Also, Grass remains above the 50-period moving average. Therefore, there is a likelihood that the rally will continue as the election season ends, leading to the hype surrounding the Santa Claus rally.
If this happens, there is a likelihood that it will rise to $5 in the coming weeks. For this to happen, it will need to rise by just 117%. While this is a big percentage, it is highly possible in the crypto industry as the Fear of Missing Out (FOMO) continues.
