Grok has established itself as a noteworthy player within the expansive web3 ecosystem. This analysis provides a detailed look at its price behavior, key metrics, and future outlook, offering valuable insights for anyone interested in this cryptocurrency.
What Is Grok?
Grok entered the cryptocurrency market on November 13, 2023. It features a maximum supply of 6,900,000,000 tokens. As a part of the web3 space, it has attracted considerable attention from traders and analysts seeking to understand its potential.
Historical Price Performance
The cryptocurrency market is known for its volatility, and Grok is no exception. Examining its historical price data reveals significant highs and lows, painting a picture of its market behavior over time. Price charts are essential tools for this, illustrating the open, close, high, and low prices across specific periods to highlight trends and volatility accurately.
Key Indicators for Analyzing Grok's Price
Multiple factors influence the price action of Grok. Several fundamental indicators help provide a clearer analysis by examining trading volumes, supply distribution, market sentiment, and other crucial metrics.
Essential Daily Metrics
- Trading Volume (USD): The daily trading volume represents the total value of Grok tokens traded within 24 hours. A recent figure was $6,701,113, indicating the level of market activity.
- Daily Active Addresses: This metric shows the number of unique addresses participating in transactions. Recently, 149 active addresses were recorded, reflecting user engagement on the network.
- Supply on Exchanges: The amount of tokens held on trading platforms suggests liquidity and potential selling pressure. A recent snapshot showed 41,976,840.785063 GROK on exchanges.
- Supply Outside Exchanges: Tokens held in private wallets often indicate long-term holding strategies. Recently, 41,360,159.214937 GROK were held off exchanges, which can signal investor confidence.
- Transaction Volume Change (24h): This shows the net change in transaction volume over one day. A recent change of 7160.8180480763 suggested a significant shift in market activity.
- Number of Transactions (24h & 7D): These figures track the daily and weekly transaction count, serving as a barometer for network usage and project optimism.
- Market Cap Change (24h): The change in market capitalization reflects the overall shift in the token's valuation. A recent change was approximately -0.008237148045.
- Total Value Locked (TVL): TVL measures the total value of assets committed to the network's staking or DeFi protocols, indicating ecosystem strength and user confidence.
How to Analyze Grok's Price Action
Analyzing cryptocurrency price action involves studying trends, indicators, and market metrics. For Grok, this includes looking at its all-time high and low prices, the percentage of addresses in profit or loss, and the break-even price for average investors. This comprehensive approach helps form a educated outlook on its potential direction.
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Social Sentiment and User Analysis
Market psychology plays a pivotal role in cryptocurrency valuation. Social sentiment analysis gauges the general feeling or "vibe" around Grok on platforms like Twitter, Reddit, and Telegram.
- Fear and Greed Index: This index measures market emotions. A reading of 64 suggests a state of "Greed," which can indicate bullish optimism among holders.
- Social Volume Changes: This tracks the amount of discussion around Grok. An increase suggests growing interest, while a decrease may indicate waning attention.
- Total Positive Sentiment: This metric aggregates optimistic conversations online. A higher value points to a more bullish community outlook.
Holder Distribution and Wealth Concentration
Understanding who holds Grok and how the supply is distributed is crucial for market analysis.
- Number of Holders: The total number of unique addresses holding Grok. A figure of 9 suggests a relatively concentrated holder base.
- Circulation: This refers to the number of unique tokens transacted within a specific period, indicating the velocity of the token supply.
- Gini Index: This index measures the distribution of wealth among addresses. A high value, such as 0.94968064936, indicates significant concentration of tokens among a small number of holders.
Volatility and Historical Returns
Grok's price volatility is a key consideration for traders. Metrics like "Age Consumed," which tracks the movement of previously idle tokens, can signal large shifts in holder behavior. The annual inflation rate and historical Return on Investment (ROI) provide context on its value change over time. Since its inception, Grok's ROI has been 0%.
Technical Overview and Current Market Status
A technical overview combines current price data with sentiment indicators. Recently, Grok's price was approximately $0.003, with a 1-hour price change of 1.52% and a 24-hour change of 14.12%. The trading volume was around $9,092,608, with a volume change of 57.63% since the previous day, pointing toward vibrant market activity.
Grok Price Predictions and Future Outlook
Price predictions are based on a mixture of technical analysis, on-chain data, and market sentiment. It's important to remember that these are estimations, not guarantees. Projections for Grok suggest various potential price ranges in the coming years, but they are heavily dependent on broader market conditions, regulatory developments, and global economic factors. Always consult multiple sources before making investment decisions.
Frequently Asked Questions
What is Grok cryptocurrency?
Grok is a digital asset that launched in November 2023. It operates within the web3 ecosystem and is traded on various cryptocurrency exchanges. Its price is subject to the volatile nature of the crypto market.
How can I analyze Grok's price potential?
Analysis typically involves reviewing trading volume, supply distribution on and off exchanges, social sentiment indicators, and technical chart patterns. Combining these metrics provides a more holistic view of its potential price movement.
What does a high Gini Index mean for Grok?
A high Gini Index, like the one observed for Grok, indicates that the token supply is concentrated among a relatively small number of addresses. This can sometimes lead to higher price volatility if these large holders decide to buy or sell significant amounts.
Why is social sentiment important for crypto prices?
Social sentiment reflects the market's psychology and can be a leading indicator of price movements. Widespread optimism (greed) can drive buying activity, while pessimism (fear) can trigger sell-offs.
Where can I find reliable data for my own analysis?
Utilizing reputable data aggregators and analytical platforms is key to conducting thorough research. 👉 Access real-time crypto analytics here
Are long-term price predictions for crypto accurate?
Long-term predictions are highly speculative and should be treated with caution. They are based on historical data and projected trends but can be drastically affected by unforeseen market events, new regulations, and technological shifts.