The newly released section of CoinMarketCap is one of the best places to discover new tokens and crypto projects. SWAK, a Metaverse NFT coin, experienced a huge price increase yesterday. Let’s take a closer look at SWAK and the platform’s NFT collection together and see why the price has gone up so much and whether it will be a good investment.
What is SWAK?
Before we delve into why SWAK has seen such a surge today, let’s explain what it is for those who are first introduced to the SWAK platform.
Launched on January 31, 2022, SWAK is an OpenSea NFT collection stored on the Ethereum blockchain with a collection of 10,000 unique collectible characters that are proof of ownership.
SWAK is the reverse spelling of KAWS, the modern art brand founded by Brian Donnely, and features the Companion, a depressed Mickey Mouse-like character with Xs instead of eyes. KAWS is a highly influential brand with major exhibitions at the National Gallery of Victoria in Melbourne, Australia, the Face Museum in Shanghai, and the Brooklyn Museum in New York.
SWAK NFTs all feature algorithmically generated art images with 24×24 pixels. Many of the images feature similar styles, but the collection also includes some rarer NFTs with famous brand names such as Dior, NorthFace and Nike.
The current base price for SWAK NFTs is 0.06 ETH ($165 at the time of writing). Rare SWAKs with extra attributes and styles can be purchased for 0.075 ETH.
While the SWAK token was only recently listed on CoinMarketCap, NFTs have been available on OpenSea for almost two weeks. In the last two weeks, the platform has sold more than 100 NFTs on OpenSea, trading a total of 114 ETH (over $314K).
Why Is SWAK Price Rising?
Rising more than 142 percent today, SWAK has rallied from the daily low of $0.00004998 to the high of $0.001298 in the last 24 hours. Although SWAK has lost some of its gains, the price of the metaverse coin is trading at $0.00008583, up a fairly high 71 percent at the time of writing.
The main reason for SWAK’s dramatic recent price increase was its listing on CoinMarketCap on the last day of January. This can now be considered a tradition in the crypto world. Because many tokens do not gain trust and therefore do not receive much attention until they are listed on CoinMarketCap and are in the recently listed section.
Also, the fact that SWAK already has an active NFT economy with over 100 sales points to the long-term potential of this project. This thriving and vibrant NFT economy provides much needed confidence for investors interested in the project.
Looking at the distribution of SWAK tokens on bscscan, we can see that the top address with the most tokens is PancakeSwap, which is pretty good news.
The overall distribution of tokens is healthy, with no single address holding more than 3 percent of the total supply. This makes it difficult for large addresses to influence the price of the cryptocurrency.
Final Thoughts
SWAK’s fully diluted market cap is below $1 million at the time of writing, making it a cryptocurrency that is undervalued. This generally means that there is potential for growth, according to analysts.
The current market cap of under $1 million and the extremely high trading volume of $1.4 billion in 24 hours are seen as bullish signs for the cryptocurrency. Overall, long-term sentiment on this project is bullish and there are no warning signs. It’s also worth noting that the team is anonymous, which is pretty common in the cryptocurrency world.
SWAK can be purchased on PancakeSwap.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.