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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Algorand Achieves New Record With 2 Billion Transactions, ALGO Price Jumps 14%

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Chainlink

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In a recent report analyzing the second quarter (Q2) performance of the Layer 1 (L1) blockchain Algorand (ALGO), data analytics firm Messari highlighted several notable milestones achieved by the network during the period, with a record in transactions being one of the most notable ones.

Rapid Network Growth

One of the key metrics that stood out was the surge in Algorand’s average daily transactions, which skyrocketed by 104% to reach 4.7 million. The total transactions recorded a more modest 6% quarter-over-quarter (QoQ) increase, reaching 425 million.

Despite this heightened transaction volume, Algorand’s revenue took a hit, declining by 61% to $152,000. The report attributed this to a 46% depreciation in the value of ALGO against the US dollar compared to the previous quarter. Even though the average transaction fee rose by 44%, the overall dollar revenue still declined.

Algorand
Algorand’s revenue decreased during Q2. Source: Messari

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The 61% decrease in quarterly revenue was also traced to a correction following ALGO’s 1,747% surge in Q1, driven by a one-day spike of 43 million transactions linked to the ORA memecoin project. 

However, on a year-over-year (YoY) basis, Algorand’s revenue saw a substantial 1,241% increase, climbing from $11,000 to $152,000.

On a positive note, Algorand reached a significant milestone of 2 billion transactions during the quarter, showcasing the network’s growth and adoption. Notably, the network took four years to achieve its first billion transactions, while the second billion was reached within just one year.

Algorand Staking Drops To Lowest Level In A Year

In Q2 2024, the amount of ALGO staked on the Algorand network declined 38% YoY and 6% QoQ, reaching its lowest level at 1.6 billion ALGO staked in a year. Messari believes this may be due to the decreasing rewards allocated per governance period. 

The percentage of Algorand’s eligible supply that was staked decreased by 4.7% QoQ and now stands at 20.2%. Meanwhile, Algorand’s circulating supply increased by 1.2% to 8.2 billion ALGO.

Lastly, data shows that the market cap for stablecoins on Algorand increased by 15% QoQ, rising from $73 million to $85 million, primarily driven by a 32% increase in Circle’s USDC stablecoin market cap, which now accounts for 78% of the total stablecoin market cap on Algorand. 

Conversely, Tether’s USDT market cap dropped by 22%, making up 21% of Algorand’s stablecoin market share. EURD’s market cap remained at a 1% share of Algorand’s stablecoin market cap.

ALGO Price Faces Make-Or-Break Moment

The ALGO token has seen significant price gains in recent weeks after a challenging Q2 for the price and the broader market. CoinGecko data shows that the token has seen a 14% price increase in the last two weeks and 12% in the last seven days alone. 

This has resulted in ALGO trading at $0.1357, just below its 200-day exponential moving average (EMA), marked by the yellow line on the ALGO/USDT daily chart below, which currently acts as a wall of resistance for the token.

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It will be essential to clear this hurdle for a potential continuation of the price’s uptrend in the coming days and to establish the same near-term support in the event of a correction. 

Algorand
The daily chart shows that ALGO’s price is trending upwards. Source: ALGOUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

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Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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