Rally has the highest market share, but Whale has the largest market cap when completely diluted.
Two social tokens stand out from the crowd, with a total market capitalisation of $240 million.
According to Messari’s research, the Whale token is the most important social token, with a market capitalisation of $136 million. With a market value of $104 million, Rally is a close second, representing a total of $240 million.
Whale is currently the most valuable social token by marketcap at $136mm
— Messari (@MessariCrypto) April 5, 2021
According to CoinGecko, the two tokens represent 83% of the entire social token sector’s capitalization.
The credibility of the person, brand, or group issuing social tokens. Though the sector has recently gained momentum in general, Whale and Rally are currently leading the pack.
Rally is an open Ethereum-based network that allows developers to launch autonomous economies through their communities. The platform promotes “maker coins,” which aid in the development of an economy centred around a creator or influencer by supplying them with additional ways to monetize themselves.
Messari pointed out that when completely diluted value is used — a token’s maximum supply compounded by its weight — Rally ranks first with more than $12 billion. According to Messari, 11 of the current 86 Rally creator coins are backed by more than $250,000 in RLY tokens.
Whale is a social token provided by Whale Shark, a prominent NFT investor. The token provides fractional ownership in a basket of rare nonfungible tokens kept in a vault. The token’s worth is extracted from digital art and collectibles kept in its vault, and it aims to be supported by tangible properties.
Whale has a token stock of 10 million, resulting in a completely discounted value of $330 million.
Mork, which is “social money” on the Roll platform, has the third-highest market cap of any social token, with an estimated $18.9 million.
Roll experienced a hot wallet leak on March 15, resulting in the loss of at least 3,000 Ether (ETH) coins worth $5.7 million at the time the coins were drained. The hack’s aftermath reverberated across the social token market, with the prices of multiple tokens plummeting as a result of the intrusion.
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