Blockchain continues to push the possibilities of what you can own. Non-fungible tokens (NFTs) have put digital art, real estate, clothing and accessories into the hands of users. And who knows what these tokens will look like in the future; they could be used to represents car titles, house deeds and other very important documents that exist in our everyday lives. Now, social tokens are taking this new type of digital ownership to a new level, allowing one to invest in their reputation, as well as the reputations of others. Rally (RLY-USD) is one of the most popular networks looking to do such a thing; today, as the token rockets sky high, RLY crypto price predictions are heating up.
A year ago, if one said “social tokens are the future of crypto,” they likely would’ve been met with plenty of eye-rolls. NFTs have made great headway for this space in that time, though. The growing ubiquity of digital, tokenized art is what is priming investors for a breakout in this social-oriented space.
Rally is a social token that seeks to allow any creative to build their following through crypto. On the Rally network, one can launch their very own token, whose value grows and shrinks with supply and demand. Simply grow your popularity and see your crypto grow in value. Users can invest in these tokens not only to profit but also to unlock different “fan experiences” with them.
RLY Crypto Price Predictions: Will Rally See Another Huge Surge in 2022?
Rally’s gains today show that they have caught lightning in a bottle as one of the earliest social tokens. Indeed, launched in late 2020, the project has had plenty of time to grow. And grow it has, especially in recent months. Since September of last year, RLY has grown its market capitalization by nearly $700 million. Now, it holds almost $1 billion in total market cap.
One huge part of that is the fact that investing firm Andresseen Horowitz took a stake in the project in October. Another key aspect is the project’s promise to build its ecosystem on Solana (SOL-USD), a layer-1 network that has blown up in recent months, becoming one of the biggest challengers to Ethereum (ETH-USD).
And while the token itself isn’t worth as much now as it was then — trading 13 cents below its September price today — its trading volume is soaring. The $108 million in RLY trading hands today marks a 2,600% increase over yesterday’s volume. Of course, this gigantic influx of trading volume is doing well to inflate RLY prices; the token is gaining nearly 65% today.
With all of that said, will RLY continue to explode in 2022, and prove social tokens’ worth next to the proven NFT industry? Well, let’s take a look at some RLY crypto price predictions and see what analysts are thinking:
- DigitalCoinPrice believes there’s plenty gas left in the tank for the year; the outlet is forecasting a year-end price of 54 cents.
- Gov Capital’s 12-month prediction for the token expects RLY to surge past $1 to a price of $1.13 by February of 2023.
- CoinArbitrageBot expects gains to end the year, but nothing to the magnitude of today’s price rocket; the site expects RLY to close 2022 at 46 cents.
- Finally, Wallet Investor is not confident that social tokens will capture the same huge market that NFTs have. The website expects RLY to sink down to 10 cents by February of 2023.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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