Former Goldman Sachs executive Raoul Pal expects the world of blockchain technology to both mature and tackle new horizons regardless of whether there’s an extended bear market. In an interview with the BitBoy Crypto YouTube channel, Pal says that over the next few years, Web 3.0 is going to dominate the internet and governments are […]
The post Here’s How the Crypto Markets Will Look Five Years From Now, According Macro Guru Raoul Pal appeared first on The Daily Hodl.
Macro guru Raoul Pal says that contrary to conventional wisdom, Ethereum (ETH) has outperformed Bitcoin (BTC) during the latest crypto bear market. In a recent interview with Layah Heilpern, the Real Vision CEO says that the leading smart contract platform has outpaced BTC during a time when the top crypto asset by market usually shines. […]
The post Ethereum Has Squashed One of the Key Arguments for Holding Bitcoin, According to Macro Guru Raoul Pal appeared first on The Daily Hodl.
A crypto-focused financial media outlet is naming the top crypto sectors to invest in before 2024. In a series of tweets, Blockworks lists and explores seven crypto areas that they expect to produce the best investments over the next two years. The Next Big Crypto Narratives? ? Here are 7 areas to keep a close eye […]
The post Crypto Insights Outlet Blockworks Identifies Top Crypto Sectors for Investors Over the Next Two Years appeared first on The Daily Hodl.
Real Vision CEO and macro guru Raoul Pal says that he’s identified which sector of the crypto market will infiltrate the mainstream next. In a new interview on the Angelo Robles podcast, Pal says that social tokens, or crypto assets that act like equity for blockchain-based communities, will soon find themselves integrated across many popular […]
The post New ‘Extraordinarily Powerful’ Sector of Crypto Assets To Penetrate Multiple Industries: Macro Guru Raoul Pal appeared first on The Daily Hodl.
Rally has generated $22 million in sales from its liquid token sale on April 4, which attracted 40,000 investors.
Social token platform Rally has completed its first “liquid token sale” on crypto asset issuance platform CoinList, with 40,000 investors snapping up RLY tokens for $0.60 each between April 1 and April 4.
The sale saw tokens distributed to investors at a set price despite RLY trading on exchanges since October, 2020. Token pricing was determined by a 20-day trailing average from March 11, 2021 to March 30, 2021 minus a 30% markdown to compensate for the RLY being locked up for 12-month a linear release.
However, investors had the opportunity to purchase RLY for less than half the price offered by CoinList on the open markets just five weeks ago.
The sale was approved through community governance in mid-March, with the 40 million RLY sodl having previously been allocated to Rally’s Community Treasury. The ballot saw 100% of the 7,400 participating token holders vote in favor of the sale. Nearly 30% of RLY are now held by Rally’s team and investors.
News of the sale appeared to drive bullish momentum for RLY, which has gained nearly 250% since trading for less than $0.29 on March 12. RLY consistently traded between $0.25 and $0.35 from mid-January until mid-May. As of this writing, RLY last changed hands for $1.
Half of the tokens will become tradable on Oct. 4, after which the remaining RLY will unlock gradually on a monthly basis. In a blog post on April 12, Coinlist revealed the offering generated $22 million. Investments were limited to $1,000 per person, with nearly two-thirds of the offering’s 115,000 registrants missing out on participating.
Rally is a blockchain-based social network that allows content creators to launch social tokens.
The social token sector — non-fungible tokens issued by content creators, brands, and communities — has been on the rise in 2021, with RLY and WHALE representing 83% of the social token market cap pack with $240 million combined.
Whale has the largest market cap, but fully-diluted figures put Rally ahead.
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 represents $240 million combined.
Whale is currently the most valuable social token by marketcap at $136mm
— Messari (@MessariCrypto) April 5, 2021
+ $RALLY is a close second
+ $MORK a distant third pic.twitter.com/qi08Rx1HYD
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 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.
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 Ether (ETH) worth $5.7 million at the time the coins were drained. The fallout from the hack reverberated across the social token sector, with the price of many tokens plummeting following the incursion.
