NAIROBI (CoinChapter.com) — GRASS crypto, the governance token for Solana-based decentralized physical infrastructure network (DePIN) project Grass, has surged 89.69% in the past seven days, driven by demand following its Oct. 28 airdrop. Trading at $1.82, up 60% this week, GRASS now boasts a $450 million market cap with a daily trading volume of over $400 million.
Record Airdrop Spurs GRASS’s Surge
GRASS has set a new record in the Solana ecosystem, with nearly 1.5 million addresses claiming tokens in its recent airdrop, according to Dune Analytics.
The turnout makes it the largest airdrop on Solana, surpassing the 639,000 claims seen by the decentralized exchange Jupiter. GRASS’s demand briefly overloaded Solana’s largest wallet, Phantom, as users competed to claim the tokens. As of Nov. 4, more than 2.8 million wallets can receive GRASS tokens, creating substantial liquidity and market interest.
Meanwhile, derivatives data indicates a bullish trend for GRASS. Open interest, a measure of active trades, has risen by 8.57% in a day to $65.47 million. The 24-hour long/short ratio is 1.0052, hinting at slightly stronger long positions among traders. This has come alongside a surge in futures trading volume, which climbed to $929.9 million.
Crypto analyst CryptoBull_360 pointed to a bullish technical setup, suggesting the potential for further gains. The analyst noted that GRASS “looks ready for another breakout after retesting the PoC value zone” and predicted a possible 60%-80% rally if the token maintains consolidation above this level.
Anticipation of Tier-1 Listings Drives Further Interest
Expectations of a Tier-1 exchange listing have added to the upward pressure on GRASS’s price. Although unconfirmed, rumors of major exchange interest have circulated, fueling optimism among traders. Despite the absence of a Binance listing, GRASS still managed nearly $500 million in trading volume, showcasing substantial demand.
Analysts attribute GRASS’s growing popularity to its unique DePIN model, which rewards users for sharing bandwidth.
The approach has attracted users looking for new revenue streams and decentralized rewards. Andrej Radonjic, CEO of Wynd Labs and a core contributor to Grass, remarked that the project “breaks away from the 20+ year tradition” of data extraction. Instead, GRASS rewards users directly, a model that has helped build its market appeal.
Shifting Market Focus Boosts Utility Tokens Like GRASS
GRASS’s recent rally highlights a market shift as investors move from speculative meme coins to utility-driven tokens.
The crypto’s pivot reflects an interest in more sustainable tokens, with projects like Grass leading the DePIN sector. Additionally, GRASS’s initial valuation strategy—launched below its original $600 million peg—has incentivized early adopters, increasing market activity and positive sentiment.
