In our Premium environment for Crypto Insiders members, we received several requests for a basic algorithm analysis (ALGO) this week. For this reason, we are today analyzing the latest developments regarding this project and looking at on chain dates. Would you like to participate in discussions about such projects or are you considering joining a position? In our discord community, various technical analyzes are shared daily by experienced analysts and traders. ALGO is also regularly discussed here. In this way, together with other members, we try to be at the forefront of the market.
Recent developments with Algorand
Algorand and Hivemind have acquired the music streaming service Napster. Algorand and Hivemind have taken Napster out of the stock market and turned it back into a private company. Their plan is to give Napster a makeover. Algorand is a prominent blockchain in web3. Therefore, napster will also run on this as a music, video and maybe even VR platform. Exact content and comprehensive plans have not yet been shared. The plan is to go public with Napster again once the platform is transformed.
Companies will build on Algorand
The news about Napster is not entirely unexpected when LimeWire issued such an announcement several weeks ago. LimeWire was a similar platform to Napster, where users could download music and video files for free (read: illegal). The announcement stated that the platform would be relaunched as a marketplace for digital collectibles for both art and entertainment, but initially focused on music. The new LimeWire will be a one-stop marketplace for both artists and fans to create, buy and trade digital collectibles without the technical obstacles of the current NFT (non-fungible token) landscape.
Lottery.com also wants to run their blockchain project NEXUS on the Algorand blockchain. Lottery.com is a leading technology company that legally sells lottery games in the United States and around the world and has several apps that players can access. Those kinds of projects are good for a blockchain because they already have huge amounts of members.
Social and on-chain data
The number of wallets owned by ALGO also continues to grow. For example, the image below shows that more than 1 million new ALGO owners have been added on May 5, an increase of 7.88% in the last seven days. Since the beginning of this year, more than 7.5 million new proprietors have been added. This means that there is a growth in the number of ALGO holders of more than 100% in 2022.
That return on investment (ROI) for ALGO, however, still leaves something to be desired. The ALGO price is -67.26% compared to a year ago.
on social data, however, Algorand scores much worse. We are seeing growth on various platforms, such as the number of users on Telegram and Twitter, but it is not as explosive as the increasing number of wallets.
Algorand’s Twitter account now has 272,000 followers. The social volume is also not unusually high. Network development activity is increasing, but even that is not a huge increase, as can be seen in the graph below:
Algorand is a young blockchain network that focuses on a somewhat uncertain future with Web3. Should Web3 become the new Internet standard, and the demand for this type of product increase, Algorand will most likely benefit from it by being one of the first to invest in it.
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