Grove ($GRV) Explained: What is Grove Coin and how to buy GRV coin (2023/2024 Edition)
BitKan explores a new coin that has a 100x potential: Introducing Grove Coin (or $GRV)! What is GRV coin and How to buy GRV?
You may have heard of Dogecoin, Shiba Inu…and all other coins that have a 100x potential, but what about Grove ($GRV)? In the crypto subspace of sustainability and environment, Grove Coin sits at a nice spot.
Recently, Grove changed its ticker from $GVR to $GRV! This is due to the introduction of many new changes, including GroveSwap.
Ever pulled up “grove coinmarketcap” or “grove coingecko”? In this series of BitKan Explore, we will explore Grove ($GRV) and whether or not this can potentially fit into your cryptocurrency investment.
What Does Grove (GRV) do and offer?
For a Healthier And Wealthier Future. This is what Grove prides itself to be. Quoting from their website, Grove aims that its investors (called Grovers) harness the opportunities of a secure, decentralised digital currency in an environmentally conscious way.
If that statement sounds confusing to you, another way to look at Grove (GRV) coin is how it fits within the narrative that your usual Bitcoin (BTC) or other mineable coins have a negative impact on environment due to the mining activity. According to its whitepaper, it aims to become the “number one” Global Green Payment System (GGPS). With growing concerns over the impact of crypto mining on the environment, it plans to focus on eco-blockchain solutions and a digital currency free of mining.
This environmentally-friendly coin basically functions like BTC (i.e. using it for payments), with a very strong emphasis on eco-friendly, or environment-related projects in the future. Some tangible features from this include:
- GroveKeeper Digital Wallet: the first green wallet and will promote eco-friendly use of digital currency
- GreenOasis — The Green Crypto Exchange: GroveCoin will facilitate a myriad of Token swaps using the GreenOasis© an exclusive Green Crypto Exchange. GreenOasis will allow holders to trade cryptocurrencies and take advantage of fluctuating prices with low cost ‘Green’ transactions.
Grove also recently released its very own GroveSwap! As part of Grove’s efforts to expand the coin, Grove Coin will be used in their Grove Chain — a blockchain for Grove which is “incorporated with Binance’s BEP-20 Smart Contract Standard for issuing a new token on Binance Smart Chain (BSC) network”. Basically, Grove now has a blockchain which taps on Binance Smart Chain for its users to expand on the possibilities of Grove Coin.
Another thing to note is how money raised from the Grove Coin can be used to invest environmental projects of the following types:
- Renewable Energy Market
- Solar Farming & Energy
- Hydroponic Farming
Grove (GRV) Tokenomics and GRV Burn Mechanism Explained
As of January 2023, Grove Coin has transitioned from GVR to GRV, citing new features and updates for the coin. As such, there is a need for you to convert your old $GVR coins to $GRV coins at a conversion rate of 1,000,000,000 (1 billion) GVR to 1 GRV. You can access the Grove Token to Grove Coin calculator here: https://www.grovetoken.com/about#Whitepaper
Grove Token (GVR) has been rebranded to Grove Coin (GRV), and Grove Coin has a circulating and operational supply of 100 million. It is not known whether there are buyback mechanisms or reflection mechanisms put in place in the new Grove Coin system.
Stake GRV Coin Tokenomics
Staking Grove Tokens. To stake Grove (GRV), coin holders can stake their GRV coins under five different terms with no deposit fee:
- No Lock period — 15% APY
- 30 Day Lock period — 25%
- 90 Day Lock period —40%
- 180 Day Lock period —50%
- 360 Day Lock period — 60%
Farming Grove Coins. To farm the Grove Coins, there are two different terms:
- No Lock period — 20% APY
- 360 Day Lock period — 80% APY
Is Grove (GRV) safe? Who created Grove ($GRV)?
The credibility of Grove (GRV) can be established as the project’s CEO was appointed managing director of Dubai’s first royal-owned metaverse business.
If having a managing director of Dubai’s first metaverse business is not convincing enough for you, then you will be heartened to know that Dubai would develop the metaverse and blockchain sector with GroveCoin in mind as the builder of the metaverse first under the Dubai Metaverse Strategy. (yes, that means a country like Dubai is supporting this coin!)
The project was founded by John Ghemrawi, Richard Sultan, and John ElMasri.
- 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.
GroveCoin’s website does not mention technology team members and developers.
Next, it was mentioned that the GroveCoin network has been audited by Certik, a global identity verification company offering services to online businesses to mitigate fraud attempts and assist in regulatory compliance and to guarantee the security and performance of the network. However, clicking on the link that links to Certik on their whitepaper does not link to the actual Certik review of Grove Coin (GRV), so this is something to take note.
Of course, multiple variables predict the future price of any crypto asset. If you are planning on investing in Grove Coin (GRV), you will be betting on the fact that community sentiment would drive up high enough to ensure that an economy of GRV enthusiasts can escalate the coin into new highs.
Grove ($GRV) Price?
As Grove is still currently undergoing the upgrade to Grove Coin, we only have information on the price of the old asset which is the Grove Token (GVR).
At the time of writing on 28 Oct 2022, the price of Grove Token (GVR) is at around US$$0.000000000104. That’s 9 zeros at the front.
Its volume for the last 24 hours hovers around US$2,000,000 according to CoinMarketCap. It has a market cap of US$2.66 million, and its fully-diluted market cap is about US$101 million. Bear in mind that this is during a bear market: prices will change differently, especially when the market turns bull.
It is not unforeseeable that Grove (GVR), with a current market cap of $101 million even when all the GVR tokens are out, could eventually catch SHIB ($5 billion) and DOGE ($7.5 billion), given how quickly things can catch on in crypto.
Flipping SHIB would see 49x returns for GVR holders and DOGE 75x.
Grove currently has increasing momentum and brand recognition in the space, which often counts for a lot, especially with meme coins. However, once that momentum is lost, it is difficult to regain, especially with large supply coins — DOGE and SHIB being prime examples.
How to buy Grove (GRV) tokens?
The old Grove Token (GVR) exists in the Binance Smart Chain (BSC) network with the contract number 0xafb64e73def6faa8b6ef9a6fb7312d5c4c15ebdb.
The new Grove Coin (GRV) exists in the Binance Smart Chain (BSC) network with the contract number 0xF33893DE6eB6aE9A67442E066aE9aBd228f5290c.
Traditionally, you have to buy some Binance (BNB) coin (or any other coins that support the withdrawal via BSC!) on BitKan and withdraw them to your cold wallet via the BSC network. Once it is in your cold wallet, you can swap for GRV coins on PancakeSwap.
But you can simply do everything with BitKan.
Grove (GRV) exists on BitKan!
You may also buy GRV coins directly on BitKan as well. Sign up for an account via BitKan: https://bitkan.com/account/signup and put in some USDT or fiat money to get started!
You can find our guide on how to charge some money into your wallet over here, using BTC as an example of a coin you can buy from us: https://medium.com/bitkan-blog/completing-kyc-and-buying-bitcoin-guide-by-bitkan-crypto-exchange-3a532cbe5420.
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