Tech

Algorand’s current market standing could have investors eyeing ALGO because…

11/19/2022
Bitcoin Ethereum News
  • ALGO shows improvements on the social front
  • dApps witnessed a surge in unique users and TVL shows growth

With most eyes on the events that transpired around FTX in the last 13 days, a network slowly climbed its way up the social ladder. Amid the havoc that occurred thanks to SBF and the FTX exchange, Algorand managed to garner sufficient interest on the social front.

Read Algorand’s [ALGO] price prediction 2022-2023

All the hype for ALGO

 According to LunarCrush, Algorand’s community activity witnessed some significant growth. In a tweet posted by the social analytics firm on 18 November, Algorand stood at the AltRank of #4, which was an impressive development for ALGO.

Coupled with this, Algorand’s weighted sentiment grew tremendously over the past few days, as can be seen from the image below. This indicated that the crypto community had a positive and optimistic approach towards the platform.

Source: Santiment

The spike in weighted sentiment could also have impacted the growth in Algorand’s NFT volume.

StockwitsNFTs, a data and discovery platform for NFTs, also tweeted that the overall NFT volume for Algorand witnessed a 23% spike in the last 24 hours. However, its blue chip NFT collection, MNGO, observed a depreciation in its floor price during the same period.

The dApps on Algorand’s network witnessed positive improvements over the past 24 hours as well. dApps such as Tinyman witnessed a growth of 17.82% in terms of unique active users, according to data provided by Dapp Radar.

This spike could be due to the fact that Tinyman had been making multiple collaborations and developments in the last few days.

Other dApps such as Humble DeFi and Algodex also witnessed a similar growth.

Algorand’s TVL increases

The increasing activity on Algorand’s dApps could be causing the uptick observed in Algorand’s total value locked (TVL), which witnessed substantial growth over the past week. An uptick in TVL could indicate that Algorand’s presence in the DeFi space was witnessing significant growth. 

At press time, Algorand’s TVL stood at $151.72 million and increased by 6.74% in the last 24 hours.

Source: DefiLlama

Along with its TVL, Algorand’s prices also witnessed a surge. At the time of writing, ALGO was trading at 0.295. Its price had appreciated by 8.89% in the last 24 hours, according to CoinMarketCap.

However, its market cap continued to decline and fell by 7.66% in the last week. At press time, Algorand had captured 0.24% of the overall crypto market.

Source: https://ambcrypto.com/algorands-current-market-standing-could-have-investors-eyeing-algo-because/