Algorand (ALGO): Everything About the 28% Weekly Gains
The leading L1 blockchain project Algorand confirmed its green credentials by going carbon negative some years ago. Nevertheless, that’s not the only optimistic picture by this alternative token. ALGO presented an impressive outlook in the price performance, gaining around 28% within the previous week.
That saw the alt joining the top weekly gainers within the marketplace. Nevertheless, what’s behind Algorand’s latest upsides on its charts?
ALGO-rithmic Demand
ALGO changed hands near $0.39 during this publication, surging approximately 6.58% within the previous 24 hours. Moreover, the alternative token appears to have surged more than 30% in the past seven days.
Two possible factors could have partaken in ALGO’s upside over the last week -Soared interest amid its collaboration with FIFA World Cup and impressive user base & TVL supported the altcoin’s growth. The former attracted substantial user counts as market players wanted to join the bandwagon.
IntoTheBlock’s data shows new wallets conducting their first ALGO transaction soared to 20K per day from 5K per day within three months. Meanwhile, the global soccer team launched the FIFA + Collect platform, designed to allow football fans worldwide to own FIFA collectibles as NFTs.
That comes after FIFA entered a collaboration agreement with the Algorand as its official blockchain of FIFA. Meantime, Santiment revealed that Algorand’s non-fungible token trade volume soared from September 21’s $186,000 to press time $606,000. Besides that, the total value locked rate appears to escalate as ALGO registered another TVL ATH.
On the Move
Besides this, the protocol saw another technical success in its status within the cryptocurrency market. The Algorand platform added State Proofs. That would allow the blockchain to sign messages digitally in a heightened decentralized approach.
These datasets likely triggered the developmental activity surge. In that context, ALGO still stays in a vulnerable state, regardless of its price outperformance. Indeed, such upticks mean impressive signals for the platform, but Algorand investors might have to lower their expectations. Enthusiasts should wait & watch for an ALGO’s move past $1.
What are your views about Algorand as the world cup approaches? Will the FIFA partnership offer the digital coin what it needs for explosive upsides? You can comment below.
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