Grass: Thin Float, Heavy Overhang
1. Grass trades with roughly 70% of supply circulating and fully diluted valuation at about 1.4x market cap, leaving a meaningful block of tokens still outside the float. That is a structural cap on how far demand can reprice the asset before new supply meets it — the market is paying for a token whose ownership base can still expand faster than usage.
2. Distribution is the quieter constraint. With no Binance spot market, daily turnover is small relative to the valuation, so the recent strength has been built on narrow participation rather than broad price discovery. Add a broad dollar index near 121 and long-end yields still close to 5% — a persistent headwind for long-tail beta — and the setup favors proven demand over reflexive momentum.
$grass
1. Grass trades with roughly 70% of supply circulating and fully diluted valuation at about 1.4x market cap, leaving a meaningful block of tokens still outside the float. That is a structural cap on how far demand can reprice the asset before new supply meets it — the market is paying for a token whose ownership base can still expand faster than usage.
2. Distribution is the quieter constraint. With no Binance spot market, daily turnover is small relative to the valuation, so the recent strength has been built on narrow participation rather than broad price discovery. Add a broad dollar index near 121 and long-end yields still close to 5% — a persistent headwind for long-tail beta — and the setup favors proven demand over reflexive momentum.
$grass