With the success of the LeoFinance token we are starting to see some movements for the other Hive Engine tokens as well. The prices can vary a lot and with the different supply for each of the tribes tokens it nice to have a look at the market cap.
The market cap is a standard metric for ranking tokens. All the coins aggregators like coinmarketcap, coingecko etc. are doing it this way. The thing with the Hive Engine tribes’ tokens is that they are extremely small, some of them can’t even be considered as a real project but more or less just playing around.
In a lot of the cases the token issuer holds a lot of tokens. Because of this its challenging to determine the marketcap. Another extremely important metric is the trading volume. Hive Engine tokens are lagging behind here as well with very low trading volume and liquidity. I have made recently a post about this topic The Growth Of Hive’s Unofficial Second Layer DEX/Engine [Trading Volume].
It is important to note that we are seeing some growth on Hive Engine as for the price of the tokens and in the liquidity as well. It is still far from managing some large volumes but in the past few moths there is an uptrend.
Hive Engine by itself is ranking the tokens by trading volume. The default page for tokens on Hive Engine looks like this.
The above is from the leodex.io, a frontend that runs on top of Hive Engine.
A rank based on the 24H volume. In most of the cases this volume is real, but there are always a few fake tokens on the top. Be careful with these.
As we can see the volume for top tokens is in thousands of dollars. Compared to the millions in volume for the tokens on coinmarketcap we have some room to grow 😊.
If we sort out the tokens by market cap on Hive Engine we will get this at the moment.
Not a lot of know tokens above. The main reason again, a lot of team tokens and no trading volume. Almost all the tokens above don’t have any trading volume or a volume in few dollars. The one exception on the list above is the SPORTS token, but that one is a bit special as well.
The Real Market Cap
To get the real market cap we will be doing the following:
- Rank the tokens by trading volume
- Adjust the supply of the tokens (exclude team tokens etc.)
- Calculate average prices
As mentioned above we will be looking at tribes only. Other tokens, like the game’s tokens DEC, SIM, STARBITS, CBM etc. are not included since for them token market cap does not represent the total project value. Usually the total values of cards collections, or in game assets are needed to estimate the marketcap for the games.
We will use price averages to estimate the marketcap for the tokens. Because of the low volume and volatility we can’t use just a momentary price for the tokens. We will be using 30 days average.
Tokens that we will be looking at are the following:
- LEO
- PAL
- SPORTS
- SPT
- WEED
- STEM
- NEOXAG
- LOTUS
- CTP
- CCC
These are basically most of the tribes that have some activities yet. They have been around for a year as well. There are some others than the above but we will steak to these for now.
Trading volume
Here is the chart for the trading volume for the period Oct 16, to Nov 16, 2020.
The table:
| Token | 30 Days Volume [$] |
|---|---|
| LEO | 70,503 |
| SPORTS | 1,954 |
| PAL | 1,707 |
| STEM | 999 |
| WEED | 971 |
| SPT | 864 |
| NEOXAG | 642 |
| CTP | 405 |
| LOTUS | 344 |
| CCC | 287 |
As we can see LEO is dominating here with 70k USD trading volume in the period. On average this is just above 2k USD daily. The second on the list is the SPORTS token with almost 2k volume for the period. This is a difference of 35X to LEO. Next is PAL with 1.7k and then the other tokens with bellow 1k USD trading volume for 30 days.
The average HIVE price for the period is $0.127.
Supply
As mentioned in some cases there is a lot of team/projects tokens. This can offset the marketcap by a lot. Also, there are burned tokens in the null account that need to be excluded.
Here is the table for the initial and adjusted supply.
| Token | Starting Supply | Adjusted Supply |
|---|---|---|
| LEO | 6,061,056 | 5,668,568 |
| PAL | 7,394,293 | 6,511,434 |
| SPORTS | 101,102,739,318 | 1,161,827,969 |
| WEED | 42,418,308 | 1,287,613 |
| NEOXAG | 33,310,299 | 25,999,745 |
| CTP | 2,390,509 | 2,015,479 |
| SPT | 60,970,429 | 60,970,429 |
| STEM | 3,829,438 | 1,652,279 |
| LOTUS | 13,622,786 | 5,498,073 |
| CCC | 17,030,408 | 13,142,899 |
All the tokens to null have been excluded from the adjusted supply. The team and projects tokens as well. For example for SPORTS the first two accounts from the richlist are excluded https://leodex.io/richlist/SPORTS, the null accounts as well.
Note on the LOTUS and CCC token, there was some inconsistency in the data on the hive engine, probably due to a bug, so these numbers might not be accurate.
Price
The price of these tokens can vary a lot. For this purpose, we will be calculating an average price for the period above.
Here is the table:
| Token | Price [HIVE] |
|---|---|
| LEO | 1.3700 |
| PAL | 0.0542 |
| SPORTS | 0.0003 |
| WEED | 0.1697 |
| NEOXAG | 0.0063 |
| CTP | 0.0724 |
| SPT | 0.0023 |
| STEM | 0.0759 |
| LOTUS | 0.0218 |
| CCC | 0.0043 |
The prices above are in HIVE for better context. Although when calculating the Market Cap, we will convert these price in dollar value.
Market Cap
Now that we have the adjusted supply and average prices, we can calculate the market cap.
The table:
| Token | Market Cap [$] |
|---|---|
| LEO | 986,274 |
| PAL | 44,782 |
| SPORTS | 38,054 |
| WEED | 27,751 |
| NEOXAG | 20,853 |
| CTP | 18,534 |
| SPT | 17,577 |
| STEM | 15,920 |
| LOTUS | 15,223 |
| CCC | 7,232 |
LEO is obviously dominant on the top with around 1M USD marketcap.
On the second place is PAL, with $44k MC, followed closely from SPORTS with 38k. The tokens on the bottom are around 15k USD.
A 15k to 45k USD market cap is almost nonexistent. Even for an experimentational tokens at least a 100k in MC is needed. A 1M market cap for a project to be taken a bit more seriously. If even one of the above, except LEO is about to get to a 1M market cap that will be a 20X to 50X move in price. A move to 200k market cap is still a multiple increase in the price for these tokens. Hope some of them find the way there 😊 and stay on those levels.
All the best
@dalz