Algorand’s native token, ALGO, joined the digital coins that recorded double-digit losses this month, surrendering 17% of its value. While writing these lines, Coinmarketcap data showed the altcoin changing hands at $0.2848, following bearish tendencies within the previous day.
Surprisingly, the Algorand chain recorded ecosystem developments within the past 30 months, regardless of month-long value drop. Its Developer portal revealed that Algorand’s addresses were 27,769,031. The network saw this metric increase by 5% within 30 days.
Moreover, total ALGO Standard Assets, nonfungible and fungible hosted in the network, saw a 1% gain within the past 30 days. While publishing this blog, the index hovered near 5,553,018.
Nevertheless, the previous 30 days recorded a slump in transactions conducted on the platform, regardless of the mentioned ecosystem upticks. The 1,074,114 transactions conducted by this publication indicated a 3% drop during the timeframe under review.
Truth That Sets You Free
Besides the dip in transaction counts on the Algorand blockchain, ALGO investors should understand the token’s ailing status. The alternative coin remained approximately 91.30% down from its $3.28 all-time high, ranking 30 in the crypto list by value.
Considering the present market condition, investors might have decided to reduce their Algorand bags, according to the daily chart’s price movements. The token’s MFI (Money Flow Index) stayed deep into the oversold territory (reading 17) at this publication. Also, the RSI (Relative Strength Index) exhibits downtrends, swaying near 35 at this publication.
Though upside corrections generally follow these lows, betting with such expectations might be risky as CMF (Chaikin Money Flow) sees its dynamic line beneath the center line. That shows selling momentum remained elevated.
On-Chain?
Surprisingly, daily active and new addresses trading the token soared over the last 30 days, regardless of the extended ALGO price dip in that timeframe. Furthermore, the Algorand network saw a whopping 830.47% surge in new addresses. Daily active wallets transaction the alt increased by 251.40% in that period.
Moreover, Algorand whale holdings grew substantially over the past 30 days (IntoTheBlock data). This investor cohort holds over 1% of ALGO’s circulation supply. Whale holdings gained 83.33% over the past month to 2.37B ALGOs.
Though the plausible on-chain performances, weighted sentiment confirmed skepticism in the general market.
