Algorand Social Activity Reaches 13 Million – Time To Buy ALGO?

Christian Encila

2 years ago

3 mins read

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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.

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).

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.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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