Grove price prediction: What’s next for the green crypto?
The Grove (GVR) price has seen a recent surge, hot on the heels of a new exchange listing for the environmental cryptocurrency.
The green crypto was listed on 27 September by Gate.io, the fifth-largest cryptocurrency exchange in the world according to CoinMarketCap. The token has seen one of the most substantial price surges since July, when the project’s CEO was appointed managing director of Dubai’s first royal-owned metaverse business.
GroveToken CEO John Ghemrawi was appointed as managing director of the newly launched metaverse business in Dubai, which is owned by Sheikh Dubai Al Maktoum. The news boosted sentiment for the project and supported some analysts’ Grove price predictions.
#Gateio New Listing: $GVR @GroveToken
— Gate.io Startup (@Gateio_Startup) September 27, 2022
????Trading Pair: $GVR / $USDT
????Trading Starts: 2:00 AM, September 27 (UTC)
????Trade: https://t.co/NyVEwJnlnj
????Deposit: https://t.co/rh32V7qXYE
More: https://t.co/WtHFS0QXag#Newlisting #Startup pic.twitter.com/SfDMY8Mhzk
The token was trading at $0.00000000012 when it launched in May. The token largely traded sideways for the following months, but a surge at the start of Q3 2022 saw the token trade at its all time high of $0.00000000363 on 22 July, following the announcement that Dubai would develop the metaverse and blockchain sector and GroveToken was announced as builder of the metaverse first under the Dubai Metaverse Strategy.
Another surge has recent surge has come following the Gate.io listing, and is currently trading up almost 15% in a recent 24-hour trading window. At the time of writing on 27 September 2022, the token is changing hands at $0.000000001407.
Are you interested to learn more about the GroveToken network and the outlook for this project? Read on for more analysis and a Grove crypto price prediction.
What is the GroveToken project?
GroveToken was launched on the Binance Smart Chain (BSC) in March 2022 by Dubai-based green investment firm Grove.
According to the project’s whitepaper: “GroveToken’s vision is to become the number one Global Green Payment System (GGPS).”
The cryptocurrency project plans to reduce its environmental footprint by implementing a long-term Green Plan, which “focuses on technology that will reduce emissions and create jobs”.
Grove said it will contribute 3% of all transactions towards token optimisation and marketing, with a portion of this invested into charitable donations that support environmental initiatives.
The investment firm said it will reinvest a portion of earnings from the project into renewable energy, solar farming and hydroponic farming in the second quarter this year. The firm claims: “Initial areas of infrastructure will be in the United Arab Emirates, Australia and Canada”. It did not reveal any further details.
As part of the project’s Green Plan, it will provide regular updates to all GroveToken holders on the progress of its environmental development.
Grove plans to launch a cryptocurrency wallet called GroveKeeper by the fourth quarter this year, and cryptocurrency exchange GreenOasis in 2023-2024.
Reducing energy consumption in crypto transactions
Many cryptocurrencies, such as Bitcoin (BTC), use a proof-of-work (PoW) consensus mechanism, which requires large amounts of energy and computational power to solve puzzles in blockchain technology to mine and validate transactions.
This mining process has led to increased electronic wastage, as single-purpose, application-specific integrated circuit (ASIC) machines were utilised to keep the blockchain running.
GroveToken plans to adopt a different architecture for its cryptocurrency, to cut down energy consumption and transaction costs.
According to GroveToken’s whitepaper, the project aims to combine the proof-of-authority (PoA) and delegated proof-of-stake (DPoS) consensus mechanisms for validating transactions on its network. Both PoA and DPoS are less energy-intensive compared to PoW, as they do not require as much hardware for block generation and validation.
PoA is a reputation-based consensus algorithm that was proposed in 2017 by Ethereum (ETH) co-founder and former chief technology officer Gavin Wood. In this system, block validators are staking their own reputation instead of tokens to secure the network credibility.
In a DPoS-based network, stakeholders can vote for third-party delegates, known as witnesses, to secure the network on their behalf. These witnesses are responsible for achieving consensus during the transaction process.
The voting power of stakeholders is proportional to the coin holdings of each user, and rewards are generally shared proportionally between the parties. Witnesses who do not carry out their block generation and validation functions may be voted off.
GroveToken supply and functions
The BEP-20 Grove (GVR) is a utility coin to be used within the network. The GVR token supply is capped at 100 quadrillion, and 2% of the transaction volume will be burned.
????#GroveToken #GVR???? In the past 24 hours, a total of 36,822,256,354,016.10 #GVR tokens were burned with a value of ($48,310 USD).????
— GroveTokenBurn (@GroveTokenBurn) July 20, 2022
According to Grove, token holders can stake their GVR coins under four different terms with no deposit fee:
Term 1: day by day 1% withdrawal fee
Term 2: 60 days 0.5% withdrawal fee
Term 3: 90 days 0.3% withdrawal fee
Term 4: 180 days 0% withdrawal fees
To ensure the value of and demand for the GVR token, Grove will use a portion of its profit for the cryptocurrency “buyback”.
According to CoinMarketCap and the GVR website, the coin is available for purchase and trading on cryptocurrency exchanges Gate.io, LBank, MEXC, Uniswap (V2) and PancakeSwap (V2).
The team behind GroveToken
The founders of the project were John Ghemrawi, Richard Sultan, Mendy Parker and John Elmasri.
Ghemrawi is currently CEO. Carlo Di Clemente is named as chief operating officer, with Nouha Elmasri the company’s chief marketing officer, GroveToken’s website showed.
Ghemrawi’s profile states that he “has over five years of experience in the crypto world” and was awarded a “Master in Telecommunication Engineering”. Ghemrawi has been a proprietor in an Australian retail franchise Harvey Norman for more than 11 years, according to a LinkedIn profile.
Di Clemente’s profile describes him as a business leader with over 30 years of experience in retail operations.
GroveToken’s website does not mention technology team members and developers.
Project risk profile
GroveToken’s smart contract was audited by blockchain security expert Certik, which revealed some flaws in the project design.
“We advise the client to carefully manage the privileged account’s private key to avoid any potential risks of being hacked. In general, we strongly recommend centralized privileges or roles in the protocol be improved via a decentralized mechanism or smart-contract-based accounts with enhanced security practices, eg, multisignature wallets,” said Certik.
The team acknowledged the findings and stated they will fix all the issues found.
GroveToken price prediction
As Grove (GVR) is a relatively new project, having launched only in May this year, few analysts have given any GVR price prediction. However, the project has already attracted a community of 16,000 holders.
A BIG CONGRATULATIONS & WELCOME TO THE GROWING GROVETOKEN COMMUNITY! ????????????
— GroveToken Dubai LLC Official (@GroveToken) July 21, 2022
OVER 16 000 HOLDERS & JULY ISNT OVER! ????????????#grovetoken #grovegreenarmy #gvr #token #cryptocurrency #crypto #bnb #ETH #holders#Growth #GEM pic.twitter.com/O5RKZg7u7s
However, at the time of writing on 27 September, Etherscan reports a total number of 2,914 holders.
Despite the high-risk nature of this new cryptocurrency project, several AI-driven price forecast providers held bullish Grove coin price predictions.
As of 27 September, Price Prediction’s Grove price prediction for 2030 expected it to reach $0.00000003, however, the site only records a reading above negligible in 2026, when the token is estimated to be worth an average of 0.00000001.
According to CryptoPredictions’ Grove price prediction for 2022, the average GroveToken price was expected to rise to $0.000000002241293 by December this year.
The data forecast provider’s Grove price prediction 2025 projected the average coin value to increase to $0.000000004166617 in December 2025, representing almost triple the current value.
Please note that analysts’ Grove token price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before trading. And never trade money you cannot afford to lose.
FAQs
Is Grove a good investment?
Whether Grove is a good investment for you or not will depend on your trading goals and portfolio composition. Cryptocurrency is an extremely high-risk investment. You should do your own research. And never trade what you cannot afford to lose.
Will Grove go up or down?
No one can say for sure. Analysts’ Grove token price predictions were bullish in the mid-to-long term (as of 27 September), with PricePrediction and CryptoPredictions both expecting prices to rise in 2022-2030. However, the price targets were significantly below the $1 mark.
Should I invest in Grove?
Only you can decide if you should invest in Grove or not. This will depend on your investing goals, risk tolerance and portfolio composition. You should always conduct your own research. And never invest money that you cannot afford to lose.
Markets in this article
Related topics
