Since its inception as the flagship L1 blockchain project, Algorand has been committed to environmental sustainability, and in recent years it has gone carbon negative. However, that’s not the only bright outlook provided by this alternate measure. The price of ALGO has shown encouraging signs of future growth, increasing by almost 28% over the course of the past week.
With that, the alternative asset joined the market’s best performers for the week. Nonetheless, what accounts for Algorand’s recent upward trends in its charts?
ALGO-rithmic Demand
During the time this was written, ALGO was trading near $0.39, reflecting a rise of roughly 6.58% in the preceding 24 hours. Even more remarkably, the value of the alternative token has seemingly increased by more than 30% during the past week.
The price of ALGO has risen over the past week, and there are two likely causes: 1) increased demand because of the altcoin’s association with the FIFA World Cup, and 2) support from TVL. There were a lot of people using the former because all the major firms in the market wanted to jump on the bandwagon.
According to IntoTheBlock’s numbers, the number of new wallets making their first ALGO transaction increased from 5,000 per day to 20,000 per day over the course of three months. Meanwhile, the FIFA + Collect platform has been released to facilitate the ownership of FIFA collectibles as NFTs by football lovers all around the world.
This is due to FIFA’s adoption of the Algorand blockchain as its official one. The volume of trade of Algorand’s non-fungible tokens, according to Santiment, has increased from $186,000 on September 21 to $606,000 as of press time. The overall value locked rate also appears to be increasing, with ALGO recording yet another TVL ATH.
Transient: Always in Motion
This is in addition to the protocol’s technical success in the bitcoin market. We now have State Proofs on the Algorand platform. That would enable a more decentralized system in which blockchain could digitally sign messages.
This flurry of development work was presumably sparked by the availability of these data sets. With that background, ALGO’s vulnerability persists despite its price outperformance. In spite of the platform’s obvious benefit from these increases, Algorand investors may want to temper their enthusiasm. If you’re an enthusiast, you should hold off on buying until an ALGO goes beyond $1.
With the World Cup quickly approaching, what are your thoughts on Algorand? Will the digital currency get the necessary boost from the FIFA alliance to skyrocket in value? Post your thoughts in the section below.
