Grass Token's extraordinary surge 📈
Cryptocurrency price of Grass experiences a significant increase after accumulated daily scraped data reaches a record high.
The Grass token (GRASS) has seen a monumental rise this week, hitting an all-time high since March 6 of this year at $2.4078. With a staggering increase of nearly 70% from its monthly low, GRASS's market capitalization surpassed the $578 million mark. The daily trading volume skyrocketed by 215%, reaching $151 million.
The Factors Behind GRASS's Triumph 💼
According to the Grass Foundation, the daily data scraped by the platform broke its own record with a mind-blowing 1,762 terabytes, far exceeding the weekly low of 200 terabytes and surpassing the previous daily record set in March. This impressive feat is achieved by leveraging the unused internet bandwidth from user devices (or "nodes") to scrape publicly available data from websites such as Wikipedia and The New York Times. This information is then utilized to train AI models, granting them access to real-time public data.
In exchange, the Grass Foundation awards its 2 million members with GRASS tokens, fostering a mutually beneficial ecosystem.
Meanwhile, demand for the GRASS token has soared in the futures market, smashing an annual high of $152 million. This intense activity is primarily driven by platforms like Bybit and Binance. 🎉
Grass Token Price Analysis 📊
On the four-hour chart, GRASS ascended to $2.3875 - its highest price since March 6. It successfully breached the key resistance level at $2.00, a hurdle it had earlier tackled in April.
GRASS has also broken out of a green symmetrical triangle, signaling a bullish trend. It currently trades above the 50-period moving average, while the Relative Strength Index (RSI) has ventured into the overbought territory.
Given these factors, it's likely that GRASS will retreat, retest the psychological point at $2, and then resume its upward trend. With further gains, it could touch its all-time high of $3.85, amounting to a 70% increase from the current level.
- The surge in the Grass Token's (GRASS) price can be attributed to the platform's ability to scrape large volumes of data, such as 1,762 terabytes daily, on average, which is higher than the previous record set in March and significantly more than the weekly low.
- The Grass Foundation distributes GRASS tokens to its 2 million members as a reward for their contributions to the platform's data collection process, thereby fostering a mutually beneficial ecosystem.
- The futures market demand for GRASS tokens has reached an all-time high of $152 million annually, with platforms like Bybit and Binance playing a significant role in this increased activity.
- Based on the four-hour chart analysis, GRASS's price is currently above the 50-period moving average and in the overbought territory according to the Relative Strength Index (RSI), suggesting a potential short-term retracement before resuming its upward trend and potentially reaching the all-time high of $3.85, a 70% increase from the current level.
