The market correction of June 10 gave even technical analysts the opposite corner. The sudden crash reached over 30% in altcoin giants such as MATIC, ADA, SOL, APT, SAND, CHZ, OP and PEPE. Interestingly, a trusted Tier-1 project currently has not a single profitable investor left…
These altcoin investors are all at a loss: What does it mean?
According to data shared by IntoTheBlock, all Algorand (ALGO) investors are currently holding a loss.
ALGO has lost 70.35% of its value in the last year and ATH has fallen by 96.53% from the level. With the SEC lawsuit of the week, it faced more negativity. As with ADA and SOL, ALGO has been labeled as unregistered securities by the SEC.
What’s next for Algorand?
It’s important to take a look at the various factors that affect the market to predict what’s next. For example, Algorand’s volume has been rising since June 5th. Santiment data shows that the volume has now reached 45.14 million.
Typically, volume represents the total amount of altcoin transactions on a network within a range. But in ALGO’s case, the increase was linked to increased sales given the token’s performance over the past few days.
That said, Algorand, which describes itself as traditional and the future of DeFi, has a few positives. According to on-chain data, the development activity of the project was higher than when the year started.
These efforts may be linked to the dedication of the developers to ensure the continuous polishing of the Algorand network. Whales have increased their presence significantly since January, although the project hasn’t excelled in attracting new entrants. As of this writing, the total supply of stablecoins held by whales has reached 53.84.
Commenting on the data, Ambcrypto analyst Victor Olanrewaju says more accumulation from whales could be the impetus to get ALGO out of this misery. Still, ALGO will need more than whales for the price rise.
Algorand’s latest move draws backlash from altcoin investors
Last week, the crypto community on Reject began to react to the CTO of Algorand appearing together with a known scam phenomenon. In the development that caused concern, it was revealed that Algorand will sign new projects with BitBoy, a crypto phenomenon that turned out to be rug pull with BEN and PSYOP. As we have quoted as Kriptokoin.com, the community has approached such a partnership at a distance.
Something BIG is coming for the #Algofam! I just got off the phone with @JohnAlanWoods and cleared the idea with @Bitboy_Crypto. There will be a video tomorrow morning explaining all of this.
Let's not complain about hype, LET'S CREATE IT! @CassiusCuvee #ALGO— Aj (@Ajwritescrypto) June 2, 2023
ALGO is currently down more than half in terms of the number of transactions in the year-to-date time frame. It was particularly discouraging that more than 92% of transactions were less than $1. ALGO is currently trading at $0958, which is the Mar 2020 level. At the current price, it keeps all its investors at a loss.
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