- Data has confirmed the surge of social interest in Real World Asset (RWA) tokens as Chainlink and Avalanche dominate.
- Regardless, these assets have taken a serious hit in the broad market pullback, “printing” losses across all the major trading sessions.
Real World Asset (RWA) tokens make another dramatic entry into major headlines with incredible records of social mentions. According to the report highlighted by LunarCrush, all major RWA tokens recorded positive numbers in social mentions for the first time in a while.
The Details
Decentralised blockchain oracle network Chainlink (LINK) had the most social mentions (8.26k) with an impressive increase of 2.27k from the previous week. Conversely, the LINK token has recorded losses across all the major trading sessions, falling by 4% in the last 24 hours and 8% in the last seven days to trade at $13.
Analysts have clarified that the ongoing development has not yet been priced in. As explained in our last analysis, the asset could hit $44 once the market begins to take off.
According to LunarCrush Analytics, Avalanche (AVAX) was the second most mentioned RWA token (5.09k) with an additional increase of 2.23k from the previous week. Just like LINK, the price of AVAX failed to move in a similar trajectory as it declined by 4% in the last 24 hours and 9% in the last seven days. At the time of writing, the asset was trading at $19.4.
Analysts believe that an AVAX rally could soon be witnessed and could be triggered by the recent launch of its Octane Update, meant to slash transaction fees by half. As discussed earlier, this could fuel a surge to $30 when the bull run returns. Fascinatingly, Standard Chartered analysts also expect AVAX to hit $250.
The third RWA token to record the most social mentions was Injective (INJ). According to the data, it had 4.69k mentions, a 1.93k increase from the previous week. Meanwhile, the asset is struggling to hold above the current support level with a price of $11.79. At the time of writing, INJ was down by 3.8% in the last 24 hours and 19% in the last seven days.
VeChain (VET) and Hedera (HBAR) occupied the fourth and the fifth positions with social mentions of 4.48k and 4.33k, respectively. Amidst the ongoing broad market pullback, VET and HBAR have lost 2.7% and 1.42%, respectively.
The other RWA tokens that received the highest social mentions according to LunarCrush are ZBCN, QNT, ICP, ONDO, and ALGO.
Over the past several months, RWA tokens have shown an impressive level of dominance and interest, with a similar compilation in March showing high numbers. As indicated in our previous blog post, Chainlink led the rankings with 10.85k social mentions. As also detailed in our previous news brief in February, Chainlink led the category with 2.52 million engagements.
Chainlink’s dominance in this sector has always been undeniable. Just recently, it emerged as the asset with the most scores (532.43) in terms of development activities. As also mentioned in our previous report, Avalanche emerged within the top-ranked projects with a score of 290.87.
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