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

    By Capital.com Research Team

    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

    DOGE/USD

    0.33 Price
    -0.430% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.0016679

    ETH/USD

    3,486.20 Price
    0.000% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 1.75

    BTC/USD

    98,181.75 Price
    -0.170% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 50.00

    XRP/USD

    2.30 Price
    -1.050% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01148

    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
    703.90 USD
    6.57 +0.940%

    Related topics

    #Cryptocurrency

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