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 just reached a new record in total locked value
- ALGO experienced a price increase of 3.23% before seeing minor price corrections once more
- Altcoin will be volatile in the coming days
A crypto-focused investor firm, Algorand Investments announced on Wednesday that it had deployed 80,000,000 ALGO tokens in various governance and defi programs.
ALGO traded for $0.31 at that point, making the total worth of deployed tokens $25 million.
Hivemind Capital’s input catapulted the total locked value (TLV) into Algorand to a new all-time high of$270 million. On a week-to-date basis, at that time, the blockchain’s TLV increased by as much as 53.95%.
The massive cash inflow, it turned out, didn’t just help the network with its total locked value, as Algorand’s social dominance and ALGO price also increased.
Algorand’s Social Engagement up to 1,000%
According to data shared by LunarCrush, Algorand’s social engagement surged by 1,220% over the last seven days as it peaked at 12.78 million at the time of this writing.
This meant that ALGO had captured the attention of large parts of the cryptocurrency community, according to the cryptocurrency social intelligence company.
Aside from that, there is the FIFA world cup which might be of interest to both blockchain and crypto. Algorand has announced its sponsorship of this highly anticipated sporting event five months back.
Alpha: When you see spikes in social activity, it typically means there’s something to pay attention to…$ALGOSocial engagements per hour measured hit 12.87M. This is 1.22K% higher than 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
Algorand’s huge social rise was a positive trigger. It also served as a pump to the altcoin.
ALGO traded at $0.32, up 3.23% in 24 hours. The price of the digital asset saw a correction at press time due to data from CoingeckoThe price was $0.319.
ALGO Time to Double Your Chance
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 signify that ALGO will experience extreme volatility over the next few hours, possibly leading to an altcoin price rise.
The Moving Average Convergence Divergence, (MACD), showed that Algorand buyers, represented by the blue line, are still dominant over the sellers (orange).
TradingView
The digital asset could see a bullish turn in short-term as sellers continue to lose the battle of buyers.
Perhaps crypto investors have already predicted this trend for Algorand, as there’s been a significant increase in ALGO addresses.
Active addresses stood at 15,000,000 by September’s end. The number of active addresses has increased by 200k according to recent data.
ALGO Market Cap at $2.9 Billion on Weekend Chart | Featured image from Forkast News, Chart: TradingView.com Disclaimer: The author's analysis should not be taken as investment advice.