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GroveToken: Multiple quad GVR burns prompt price move as Gate.io listing looms

By Capital.com News

Edited by Charlie Mellor

16:58, 27 September 2022

Representation of a volatile candlestick trading chart
GRV had been climbing before its Gate.io listing, but quickly erased the gains – Photo: Shutterstock

GroveToken (GRV) has seen its value climb in the wake of a massive supply burn and its anticpated listing on a cryptocurrency exchange Gate.io earlier today.

The token was up 17% day-on-day at one point earlier on 27 September, but it quickly erased most of its gains in just a few hours after the Gate.io debut. 

Three hours after the listing at 02:00 UTC, GRV was up just 1.7% day-on-day, when it was trading at $0.000000001375, according to CoinMarketCap.

Grove Token was launched on the BNB Chain (BNB), formerly the Binance Smart Chain, in March 2022 by Dubai-based green investment company Grove.

BNB to USD

SOL/USD

180.65 Price
-1.160% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.61 Price
+1.640% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC/USD

67,517.90 Price
-0.370% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,497.28 Price
-0.050% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

The token's price was on an upward trajectory since July when the project’s chief executive John Ghemrawi was appointed as a managing director of Dubai’s first royal-owned metaverse business. 

GVR started trading on the platform today after the team announced via Twitter it had burned 2.5 quadrillion tokens to further reduce its supply below 50%.

Bybit listing campaign

In the wake of a successful launch, the team behind GroveToken has begun campaigning to get its coin listed on another crypto exchange platform, Bybit.

GroveToken’s Twitter account called on its supporters to make an account on Bybit and vote for GRV to be listed. The team promised $2,000 in GVR if the voting efforts prove  succesful. 

Markets in this article

BNB/USD
Binance Coin / USD
603.53 USD
-3.12 -0.520%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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