With a combined market capitalization of $240 million, two social tokens are shining brighter than the rest.
These two social tokens are Whale token and Rally token. The most valuable social token with a market capitalization of $136 million is Whally while the second with a $104 million market cap, meaning the pair represents $24 million combined is Rally according to the research compiled by crypto data aggregator Messari.
Whally and Rally represent 83% of the entire social token sector’s capitalization , according to CoinGecko.
While the sector has recently been gaining traction broadly, Whale and Rally are currently taking over the pack and which the social tokens are backed by the reputation of the individual, brand and community issuing them.
Ethereum-based network that enables creators to launch independent economies with their communities are open to rally.
The platform supports “creator coins” which help to facilitate an economy around a creator or influencer by providing them with additional avenues to monetize themselves.
Messari noted that when measuring by fully diluted valuation — a token’s maximum supply multiplied by its price — Rally tops the list with more than $12 billion. According to Messari, of the existing 86 Rally creator coins, 11 possess over $250,000 in RLY tokens in backing.
Whale is a social token issued by popular NFT investor Whale Shark, with the token offering fractional ownership in a basket of rare nonfungible tokens that are stored in a vault. The token aims to be backed by tangible assets with its value being derived from the digital art and collectibles stored in its vault.