The on-chain data analysis by Messari reveals that the leading social tokens by market cap are Whale and Rally. Based on the report, the joint market cap of the two social cryptocurrencies equates to $240 million with Whale having $136M and Rally ($104M).
Whale is currently the most valuable social token by marketcap at $136mm
— Messari (@MessariCrypto) April 5, 2021
Social tokens are digital assets or cryptocurrencies that are underpinned by the social repute of an individual, or community. They are built on the principle of “ownership economy” on the ground that a community will be more valuable in the future than it at the moment.
The pooled market cap of the two tokens represents about 83% of the total market cap of all social tokens. However, the market cap of Mork $18 million followed by Julian $14 million and Friends with Benefits Pro $5 million.
Rally is based on Ethereum while Whale is a token that represents a fraction of ownership in a pool of scarce non-fungible tokens (NFTs) that are locked up in a vault.
Rally Tops Other Social Tokens in Fully Diluted Valuation
However, Messari showed that while Whale might have topped by market cap, Rally is worth more in fully diluted valuation. The fully diluted valuation is calculated by multiplying the total token supply by its price. The report reveals that Rally leads Whale by more than $12 billion.
Whale has a fully diluted valuation of about $330 million based on the current price while Rally has a valuation above $12 billion.
Social tokens are an avenue for an influencer to monetize their popularity and reputation. Mat Dryhurst, an editor, musician and technologist, revealed that social cryptocurrencies can add value to artists as well.