$GRVT keeps hitting new lows—could this be heading to zero? In just one short month, the coin price has been cut in half, and then cut in half again. It has already been listed on major exchanges. I originally thought it had some potential. And it feels like it still hasn’t fallen enough—there are absolutely no signs of a bottoming out or stabilization!
The core reasons behind GRVT’s continued decline may be the following three:
1. A wave of sell pressure from the airdrop. GRVT had its TGE on July 30, with a total airdrop amount of 280 million tokens. The first tranche expires on August 29. Recipients of the free tokens lack motivation to hold, creating continuous selling pressure—this is likely the main source of sell pressure recently.
2. Headwinds in the industry. The Perp DEX sector is cooling overall. GRVT’s average weekly trading volume has dropped by about 59.1% compared to before, and there is a serious lack of trading demand.
3. Expectations of massive unlocks. Currently, only 5% is circulating. In the future, 10% will unlock in November, 40% in March next year, and the remaining 55% will unlock in July. The looming shadow of large-scale unlocks keeps weighing on the market.
As for whether it has bottomed out and stabilized: let’s look at the chart. We need to see the daily MACD form a divergence and then a golden cross—this may take at least about a week. This short-term bottom could be around 0.15, 0.13, or at an extreme around 0.10 USD.
The core reasons behind GRVT’s continued decline may be the following three:
1. A wave of sell pressure from the airdrop. GRVT had its TGE on July 30, with a total airdrop amount of 280 million tokens. The first tranche expires on August 29. Recipients of the free tokens lack motivation to hold, creating continuous selling pressure—this is likely the main source of sell pressure recently.
2. Headwinds in the industry. The Perp DEX sector is cooling overall. GRVT’s average weekly trading volume has dropped by about 59.1% compared to before, and there is a serious lack of trading demand.
3. Expectations of massive unlocks. Currently, only 5% is circulating. In the future, 10% will unlock in November, 40% in March next year, and the remaining 55% will unlock in July. The looming shadow of large-scale unlocks keeps weighing on the market.
As for whether it has bottomed out and stabilized: let’s look at the chart. We need to see the daily MACD form a divergence and then a golden cross—this may take at least about a week. This short-term bottom could be around 0.15, 0.13, or at an extreme around 0.10 USD.