Algorand Social Activity Reaches 13 Million – Time To Buy ALGO?
17 Octubre 2022 - 3:11AM
NEWSBTC
Algorand recently received a big boost for its blockchain ecosystem
courtesy of Hivemind Capital’s $25 million investment to the
decentralized finance (DeFi) Layer 1 chain. Algorand DeFi ecosystem
recently attained new all-time high in total locked value ALGO
registered a 3.23% price surge before experiencing minor price
correction once again The altcoin is predicted to be extremely
volatile over the next few days The crypto-focused investment firm
announced three days ago that it has deployed 80 million ALGO
tokens across various governance and DeFi programs under the
umbrella of the Algorand ecosystem. During that time, ALGO was
trading at $0.31, putting the total value of the deployed tokens to
$25 million. Hivemind Capital’s input catapulted the total locked
value (TLV) into Algorand to a new all-time high of$270 million. On
a week-to-date basis, at that time, the blockchain’s TLV increased
by as much as 53.95%. The massive cash inflow, it turned out,
didn’t just help the network with its total locked value, as
Algorand’s social dominance and ALGO price also increased. Related
Reading: Elrond (EGLD) Price May Break Past $56 Hurdle – Here’s How
Algorand Social Engagement Up More Than 1,000% According to data
shared by LunarCrush, Algorand’s social engagement surged by 1,220%
over the last seven days as it peaked at 12.78 million at the time
of this writing. The cryptocurrency social intelligence firm
inferred this meant ALGO captured the interest of a large part of
the crypto community. Moreover, the upcoming FIFA world cup might
have spurred interest for both the blockchain network and the
crypto as five months ago Algorand announced it will be one of the
sponsors of the much-anticipated sporting event. Alpha: When you
see spikes in social activity, it typically means there’s something
to pay attention to…$ALGO social engagements measured hourly hit
12.87M, 1.22K% above the 7-day average. Access #algorand insights
with a LunarCrush Level 5 account: https://t.co/BIkh6qFIUO
pic.twitter.com/YeXKYonShv — LunarCrush (@LunarCrush) October 16,
2022 The huge boost in social status proved to be a good trigger
for Algorand as it also translated into a price pump for the
altcoin. ALGO increased by 3.23% over a 24-hour period as it traded
for $0.32. At press time, however, the digital asset experienced
price correction as data from Coingecko showed it was changing
hands at $0.319. Time To Double Down On ALGO Different indicators
from Algorand’s trading chart signals it may be time to take
further risks in ALGO holdings as bigger rewards could be expected.
Bollinger Bands indicate ALGO will be extremely volatile over the
next few days which might help trigger price increase for the
altcoin. Meanwhile, the Moving Average Convergence Divergence
(MACD) showed Algorand buyers (represented by the blue line) are
still dominating the sellers (orange line). Related Reading:
Stellar (XLM) Buyers Must Check Out These Data Before Going Long
Source: TradingView As buyers continue to prevail over sellers, a
short term bullish streak could happen soon for the digital asset.
Perhaps crypto investors have already predicted this trend for
Algorand, as there’s been a significant increase in ALGO addresses.
By the end of September, active addresses were at 15 million.
Recent data, however, show the number increased by 200,000. ALGO
market cap at $2.9 billion on the weekend chart | Featured image
from Forkast News, Chart: TradingView.com Disclaimer: The analysis
represents the author's personal views and should not be construed
as investment advice.
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