The Grass token continued its strong rise, reaching its highest level since its airdrop on Monday, October 28.
Grass (GRASS) jumped to $1.1418 and its fully diluted valuation rose to over $1 billion. It has become one of the most successful airdrops of this year, leaving behind Wormhole (W), ZkSync (ZK) and Hamster Kombat (HMSTR).
One possible reason for the rise is investors’ expectations for additional tier-1 exchange listings. Currently most trading takes place on exchanges such as Gate, HTX and Bybit. With increasing volume, there is the potential for platforms such as Binance and Coinbase to list the token.
As open interest continued to rise in futures, so did the grass. Data from CoinGlass shows that interest has reached $50 million, primarily from Bybit and OKX.
Open interest in futures is an important metric that indicates the number of contracts still open or unsettled at the end of the day and is often used to measure market liquidity and efficiency.
The grass rally also reflects ongoing market sentiment, with the crypto fear and greed index rising to a high of 66. This index could rise further if Bitcoin shows a strong upward trend, as analysts expect.
Additionally, data from Dune shows that 77.5% of all Grass tokens, or 61 million tokens, have been claimed by more than 1.6 million claimants. 30% of those who requested tokens staked them; This suggests that they may not plan to sell, unlike other tokens that often sell quickly after airdrops.
Grass created a double top Grass chart by TradingView
However, there is a risk of a sharp comeback for Grass, as post-expulsion rallies often do not last long.
The token has formed a double-top pattern, which is a common bearish trend indicator. As a result, the token could fall and retest key support at $0.80, the October 30 low, and the neckline of this pattern.