GRASS Crypto Surges 89.69% in a Week, Sets New Solana Airdrop Record

GRASS crypto, the governance token for Solana-based decentralized physical infrastructure network (DePIN) project Grass, has surged 89.69% in the past seven days

Surging 89.69% in the past seven days, GRASS crypto, the governance token for Solana-based decentralized physical infrastructure network (DePIN) project Grass, has witnessed a remarkable seven-day rally.

The surge follows a massive airdrop on Oct. 28, which saw nearly 1.5 million addresses claiming tokens, making it the largest airdrop on Solana, as per Dune Analytics.

Demand for the tokens briefly overloaded Solana’s largest wallet, Phantom, as users rushed to claim the tokens. As of Nov. 4, over 2.8 million wallets can receive GRASS tokens, creating substantial liquidity and market interest.

Meanwhile, derivatives data also presents a bullish outlook for GRASS. Open interest, a measure of active trades, has increased by 8.57% in a day to $65.47 million. The 24-hour long/short ratio is 1.0052, indicating a slight preference for long positions among traders. This coincides with a surge in futures trading volume, which reached $929.9 million.

Crypto analyst CryptoBull_360 highlighted a bullish technical setup, suggesting the potential for further gains. According to the analyst, GRASS “looks ready for another breakout after retesting the PoC value zone,” and if the token maintains consolidation above this level, a 60%-80% rally is possible.

Anticipation of a Tier-1 exchange listing has also contributed to the upward pressure on GRASS’s price. While unconfirmed, rumors of major exchange interest have surfaced, driving optimism among traders. Despite the absence of a Binance listing, GRASS still managed nearly $500 million in trading volume, indicating substantial demand.

Analysts attribute GRASS’s growing popularity to its unique DePIN model, which rewards users for sharing bandwidth. The approach has attracted users seeking new revenue streams and decentralized rewards.

Andrej Radonjic, CEO of Wynd Labs and a core contributor to Grass, stated 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.

GRASS’s recent rally coincides with a market shift as investors pivot from speculative meme coins to utility-driven tokens. This broader trend reflects an interest in more sustainable tokens, with projects like Grass spearheading the DePIN sector.

Additionally, GRASS’s initial valuation strategy—being launched below its original $600 million peg—has encouraged early adopters, contributing to the market activity and positive sentiment.