Social token Whale is currently the most valuable token with a market capitalization of $136 million, according to Messari’s latest report. The rally comes second with a market capitalization of 104 million. The combined market cap of both the top-ranking social tokens stands at $240 million. Whale and Rally Represents 83% of the Entire Social Token Market’s Capitalization According to research compiled by crypto data aggregator Messari, Whale and Rally are currently the top-ranking social tokens. In fact, the two tokens alone represent 83% of the entire social token market’s capitalization. Whale is currently the most valuable social token by marketcap at $136mm + $RALLY is a close second + $MORK a distant third pic.twitter.com/qi08Rx1HYD — Messari (@MessariCrypto) April 5, 2021 Whale is a social currency offering fractional ownership in a basket of rare non-fungible tokens that are stored in a vault. The token is backed by tangible and rare NFT assets through definitive limited issuance with its value being derived from the digital art and collectibles stored in its vault. Rally is an open platform built on Ethereum that allows anyone to launch their own social tokens, also known as Creator Coins. Governed by its native token $RLY, fans can purchase Creator Coins to support their favorite creators to access special benefits determined by the creator. When measured by fully diluted valuation, a token’s maximum supply multiplied by its price, Rally tops the list with more than $12 billion. Of the existing 86 Rally creator coins, 11 possess over $250,000 in RLY tokens in backing, Messari notes. Social Tokens Crashed After Roll Suffered Hack Last month, social token platform Roll reported suffering a security breach on its platform resulting in hackers draining at least 3,000 ETH worth $5.7 million. The hacker somehow managed to compromise Roll’s private keys to its hot wallet. The stolen funds were then transferred to Tornado Cash, a privacy tool often used by hackers to launder stolen funds. The hacker then traded the tokens for Ether on the decentralized exchange Uniswap. The attacker stole 11 different social tokens, including $WHALE. Some of the tokens even plunged by nearly 100% with WHALE plunging by -99.3%.
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