The Grass token pulled back by 8% on Tuesday morning, mirroring the performance of most newly launched cryptocurrencies. It was trading at $0.8380, down from its post-listing high of $0.9276.
According to CoinGecko, Grass has 243.9 million tokens in circulation against 1 billion total supply cap, meaning that there will be future dilutions.
Grass exchange listings
Grass is one of the leading players in the blockchain industry. It is a web platform that rewards its 2.5 million users for sharing their unused internet.
Users start by signing up with the platform and then installing the browser extension and nothing more. They then collect points whenever they are online or when they share the application with their friends.
Grass uses this data by sharing it with its corporate clients, who use it to view regional adverts, check local prices, and for academic research.
Grass made headlines on Monday when its token started trading and was immediately listed in most exchanges. Its spot token was first listed by Bybit, a company that has become the second-biggest crypto exchange in the world. Bybit offered a prize pool of 200k Grass tokens to potential customers.
Grass was also listed on other exchanges, such as KuCoin, Bitget, Hyperliquid, and OKX. Companies like Bybit and OKX have also listed the token’s perpetual futures contracts.
Data by CoinGecko shows that most of Grass’s trading volume was happening in Bitget, MEXC, and Bybit. Analysts expect that Binance, the biggest crypto exchange, will also list it in the coming days.
What next for the Grass price?
Grass is part of the growing “to earn” industry, where users make tokens for doing something.
The most popular “to earn” industry is the gaming one, which was made popular by games like Axie Infinity, Decentraland, and The Sandbox. In these games, people just play and accumulate tokens, which they can convert into fiat currencies.
The gaming industry was followed by move-to-earn, in which projects like Sweatcoin rewarded users for doing simple tasks like running and walking.
Most recently, there has been a craze on the tap-to-earn, where Telegram users are rewarded for just tapping a button.
Over time, most of these “to earn” tokens have plunged. For example, all tap-to-earn tokens like Axie Infinity and Decentraland have fallen from their 2021 highs and erasing billions of dollars in value. The same has happened among other tap-to-earn tokens like Catizen and Hamster Kombat.
Therefore, there is a risk that the Grass token will continue falling, as most new airdrops like Wormhole and ZkSync have done in the past few months.
A key hope for the Grass price is that cryptocurrency prices could rebound in the coming weeks, especially if Donald Trump wins the election.
Read more: Here’s Why Hamster Kombat Price Crash Matters for Pi Network
