Is Rally Coin A Good Investment?
The cryptocurrency market is blessed with projects with high utility and improving user experience. Rally (RLY) is one of the coins that promises to empower creative minds. The recent hype has left many investors thinking – is Rally coin a good investment?
Although the crypto market is volatile, we have seen few digital currencies performing better for sustainable periods. However, we cannot say with surety that Rally will maintain its hype for the foreseeable future.
Furthermore, with the fastest cryptocurrency entering market, the crypto market cap is ever touching new highs; thus, investors need to trust their decision-making and keep searching for potential coins. Based on available data, experts tip Rally to offer good returns.
Let us study Rally in more detail in this article and develop an answer to the question – is Rally coin a good investment?
Rally (RLY) Introduction
Rally (RLY) empowers creative minds through a decentralized social network protocol built on the ever-reliable Ethereum blockchain.Users can create, curate and monetize their ideas through DApps that interacts with the Rally network.
Since many designers, musicians, and artists use social media to present and earn their bread, Rally promises to shift the control back to the content creators.
The project was started in 2020 and has launched a branded cryptocurrency network to build a digital economy for creative minds.
Although Rally has yet to peak, there are good vibes surrounding its blockchain ETF.
Rally (RLY) Overview
Name: Rally
Symbol: RLY
Rank: 430
Market Cap: $ 30,389,992
Price: $ 0.008372
Trading Volume: $ 448,450
Price Change (24h): +0.97%
Current Supply: $ 3,663,916,704
Rally (RLY) Working
The platform has two types of main participants, creators and fans. Each creator issues their token and builds a community around their artwork to incentivize them.
Rally takes pride in operating without fees to increase interaction, unlike other social media platforms. Therefore, it is becoming a beloved platform among NFTs-loving users.
The following are critical features of Rally (RLY) platforms that will easily deliberate that is Rally coin a good investment?
- The platform operates without charging any amount for transactions or using it.
- Creators launch coins through a “token bonding curve” with a starting price of 1% of the current price of the RLY coin.
- Holders take away rewards in proportion to the tokens they carry.
- Holders can buy or sell NFTs.
- You can withdraw only 5% of the coin supply in a week.
Rally Coin Recent Performance
Rally coin has mixed performance, just like any other cryptocurrency. Here are the takeaways from its recent performance.
- 27 December 2020 – $ 0.07997 (a steady rise since its release)
- 18 March 2021 – $ 1.1212
- 24 March 2021 – $ 0.7966
- 2 April 2021 – $ 1.3786
- 3 May 2021 – $ 1.1507
- 9 June 2021 – $ 0.4099
- 3 September 2021 – $ 0.8802
- 9 January 2022 – $ 0.286
- 13 February 2022 – $ 0.2306
Since the price has dropped for Rally coin, its current price is $ 0.008346, with a daily trading volume of $ 377,860.
Additionally, the maximum Supply of RLY coins is 15 billion, with a current circulating supply of 3.07 billion. Similarly, the platform has a market cap of $ 122 million.
Rally Coin Market Analysis
The numbers mentioned above suggest a continuous downward trend for the Rally coin. Although it has seen a few ups, the long-term trend is downward. Additionally, price fluctuation trends show possibilities and not absolutes.
Long-term forecasts sometimes come ultimately off the mark because of the crypto market’s inherent volatility.
Let us study the fundamental analysis factors of the Rally coin.
- Scalability
Since the Rally coin platform allows creators to publish their tokens, thus it offers a high level of scalability. In addition, creators can establish a direct relationship with their community. Furthermore, the platform has a linear price rate which is nominal.
In addition to offering liberty, the Rally platform keeps users interested by offering multiple rewards. If you hold coins for a particular period, you become entitled to lucrative incentives.
- Security
When it comes to cryptocurrency, security is of paramount concern. Rally has developed the following steps to ensure the safety of its platform.
- Users need to bridge RLY from Ethereum main net with ERC-20 tokens.
- RLY has a KYC process in place.
- Users can only bridge 50,000 RLY in a day.
- The daily global bridging limit is also set as 1,000,000 RLY.
Frequently Asked Questions
How many Rally coins are there in the market?
The maximum RLY supply is 15 billion; as of 26 July 2022 total circulating Supply is 3.07 billion coins.
Will Rally go up?
You cannot say this with certainty, as few experts say it will go up while others recommend the opposite. Forecasts should be considered indicators rather than absolutes.
Is it a good time to invest in Rally coin?
Cryptocurrency experts predict Rally’s price to drop by 2.39% to reach $ 0.007510 by 9 January 2023. According to technical indicators, the crypto market is in bearish mode. So, it is not a good time to buy Rally coins.
When was the Rally coin launched?
Rally was founded in 2018, but the first coin was released in August 2020 by CEO Rob Collier.
Is Rally an NFT?
Rally also offers an NFT marketplace beyond its regular social tokens.
Parting Thoughts
Rally platform offers a solution to challenges that other social media platforms face. One of the biggest challenges is the platform fees, where Rally comes in handy as it does not charge usage or transaction fees.
Additionally, fans show support for their favorite creators to unlock exclusive benefits. The platform is designed to reward both fans and creators. Furthermore, there are weekly reward systems, which keep users glued to their community.
Rally coin adds value to the fact that cryptocurrency is the future of finance. It supports an otherwise neglected community by empowering creators to showcase talent and get rewarded in monetary terms.
The main drawback of Rally is that it is not yet widely accepted. It requires more creators to push the network to reach its full potential. However, based on statistics, utility and the project’s value proposition, expert eye Rally to achieve mass adoption.
We hope this article satisfies the query – is Rally coin a good investment?
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