Social VR Platform Sensorium’s SENSO token saw retailer interest skyrocket in August according to data from CoinMarketCap.
As the global crypto market maintained its momentum, the market’s eyes turned to some small-cap projects. Recent coin market capitalization data showed that tokens like RichQUACK and SENSO topped the list of most watchlisted crypto tokens 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 weren’t even in the top four.
The shift in investor and trader interests highlights how projects like Sensorium have been gaining momentum even as the macro downtrend dominates the cryptocurrency space.
What is Sensorium?
CMC data highlighted that after RichQUACK users were most interested in a project called Sensorium. This newly gained retail interest gave way to bullish developments for the price of the project’s native SENSO token.
Sensorium is a leading social virtual reality platform, founded in 2018 with the aim of “rethinking the way people interact with each other and experience the arts in the digital world”. The company’s most significant project is the Sensorium Galaxy, a digital metaverse aimed at providing virtual reality experiences.
Sensorium Galaxy is an alternate universe built in partnership with artists, producers and entertainment companies. Just a month ago, the company created its in-engine metaverse streaming channel in the Sensorium Galaxy metaverse, creating a major buzz among its communities.
According to its website, Sensorium has raised over $100 million in private equity since its founding.
What’s behind SENSO’s new star status?
The recent social anticipation around SENSO and its subsequent price hike can most likely be attributed to ecosystem-centric developments, recent airdrops, and growing retailer interest in the project.
The project has also actively collaborated with celebrities such as David Guetta, Steve Aoki, Jean-Michel Jarre, Dimitri Vegas and Like Mike, among others. Featured collaborations have further added to the social recognition of the project.
Data from Google showed that on the Play Store app, the Sensorium Galaxy app has over 100,000 downloads and holds a user rating of 4.2. The number of downloads, as well as the decent customer reviews, highlight a pretty good social interest in the project.
Additionally, the SENSO token’s Twitter account has over 62,000 followers, while the Sensorium Galaxy page has 33,000 followers, which further exhibits a pretty solid community base.
What will be the fate of SENSO?
The SENSO token is the currency of the Sensorium Galaxy platform; it is an ERC20 token that drives all transactions of value within the galaxy. As social interest in the project increased, SENSO’s price soared nearly 30% in August.
At press time, SENSO’s price is hovering at $0.157471 and down 0.98% on the daily chart. The coin has a 24-hour trading volume of $228,000, with the token ranked 734 on CMC by market capitalization. The SENSO token had a market cap of over $11 million.
On a 1-day chart, the price of SENSO had been moving in a declining channel since September 14, setting lower lows. Barring September 18, the overall trend was bearish when the coin’s price climbed double digits amid high retail euphoria.
The $0.154 mark acted as strong support, but a drop below the same value could lead to further selling in the market.
RSI making a steep downward slope further shows how sellers have dominated the SENSO market.
In the short term, retail attention and high social volumes may support SENSO price, in which case the next key resistance would be at $0.18. In the event of further declines due to selling fueled by macroeconomic market conditions, the coin might revisit the lower support level of $0.135.
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