Social VR Platform Sensorium’s token SENSO saw retail interest skyrocket in August according to data from CoinMarketCap.
As the global crypto market maintained its rangebound momentum the market’s eyes turned to certain small-cap projects. Recent Coin Market Cap data presented that tokens like RichQUACK and SENSO topped the list of most added crypto tokens to the watchlist on CMC.
The most surprising trend change was that in July, the watchlist was dominated by larger cap currencies such as Bitcoin, and Ethereum but in August these tokens did not even feature in the top four.
The trend shift in investor and trader interests, highlight how projects like Sensorium have been gaining traction even as the macro bearish trend dominates the cryptocurrency space.
What is Sensorium?
The CMC data highlighted that after RichQUACK users were most interested in a project called Sensorium. This newly gained retail interest gave way to some bullish developments for the project’s native token SENSO’s price.
Sensorium is a leading Social VR Platform, founded in 2018 with the ‘aim to rethink the way people interact with each other and experience the arts in the digital world.’ The firm’s most prominent project is the Sensorium Galaxy which is a digital metaverse aiming to provide virtual reality experiences.
Sensorium Galaxy is an alternate universe that is being built in partnership with artists, producers, and entertainment companies. Just a month back the firm premiered its in-engine metaverse streaming channel in Sensorium Galaxy metaverse, thereby creating a major buzz among its communities.
According to its website, Sensorium has raised over $100 million in private investments, since its foundation.
What’s behind SENSO’s new star status?
The recent social anticipation around SENSO and its subsequent price rise can most likely be attributed to the ecosystem-centric developments, recent airdrops, and rising retail interest in the project.
The project has also been actively collaborating with celebrities like David Guetta, Steve Aoki, Jean-Michel Jarre, Dimitri Vegas, and Like Mike among others. The star collaborations have further added to the project’s social recognition.
Data from Google presented that on the Play store App, the Sensorium Galaxy App has over 100K downloads and holds a user rating of 4.2. The number of downloads, alongside decent customer reviews, highlights a fairly good social interest in the project.
Additionally, SENSO token’s Twitter account has a following of over 62K, while the Sensorium Galaxy page has a following of 33K further presenting a fairly strong community base.
What will be SENSO’s fate?
SENSO token is Sensorium Galaxy’s in-platform currency; it is an ERC20 token that drives all value transactions within the Galaxy. As social interest in the project spiked SENSO’s price spiked by close to 30% in the month of August.
At press time, SENSO’s price oscillated at $0.157471 and was down by 0.98% on the daily chart. The coin has a 24-hour trading volume of $228K as the token ranked 734 on CMC according to market capitalization. SENSO token had a market cap of over $11 million.
On a 1-day chart, SENSO’s price had moved in a downward channel since Sept. 14, establishing lower lows. Barring September 18, the larger trend has been bearish when the coin’s price pumped in double digits amid high retail euphoria.
The $0.154 mark has acted as strong support but a fall below the same could lead to further sell-offs in the market.
RSI making a steep downward slope further presents how sellers dominated the SENSO market.
In the near term, retail attention and high social volumes could support SENSO’s price, in which case the next key resistance would be at the $0.18 mark. In case of a further decline owing to sell-offs fueled by macro market conditions, the coin could revisit the lower $0.135 support level.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.