WHALE and RALLY dominate social token scene with $240m market cap

Two social tokens are shining brighter than the rest with a combined market capitalization of $240 million.

Research compiled by crypto data aggregator Messari has revealed the WHALE token is the most valuable social token with a market capitalization of $136 million. RALLY is a close second with a $104 million market cap, meaning the pair represent $240 million combined.

— Messari (@MessariCrypto) April 5, 2021

According to CoinGecko, the two tokens represent 83% of the entire social token sector’s capitalization. 

Social tokens are backed by the reputation of the individual, brand, or community issuing them. While the sector has recently been gaining traction broadly, WHALE and RALLY are currently dominating the pack.

Rally is an open Ethereum-based network that enables creators to launch independent economies with their communities. The platform supports ‘creator coins’ which help 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 NFTs 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.

WHALE has a supply of 10 million tokens, giving it a fully diluted valuation of $330 million.

MORK, which is ‘social money’ on the Roll platform, is the third-highest social token in terms of market cap with a reported $18.9 million.

On March 15, Roll suffered a hot wallet breach, resulting in at least 3,000 ETH worth $5.7 million at the time being drained. The fall-out from the hack reverberated across the social token sector, with the price of many tokens plummeting following the incursion.