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Algorand CEO’s X Account Hacked, Is Justin Sun Involved?

On Thursday night, Algorand CEO Staci Warden’s X Account (formerly known as Twitter) was compromised. Since then, the crypto community and the hacker have been having a back-and-forth conversation.

Justin Sun Will Boost Algorand To “New Heights”

Algorand Foundation’s X account was the first to inform about the hack and advised users to be careful when interacting with the compromised account or any link promoted by it. The hacker then took Staci Warden’s compromised account to start a series of controversial posts and replies.

The hacker called Algorand’s community “poor” in the initial post, later suggesting it would be better for the community if they “sold ALGO and instead bought Ether.” Both posts have amassed a combined total of 150,000 views and, as it’s worth noting, contain racial slurs.

Additionally, the hacker offered a fake airdrop giveaway, claiming they would send “1 $ETH for every % $ALGO drops this week.” While following some users’ petitions, the hacker shared music and changed the account’s bio, claiming that Warden had exited Algorand Foundation and had become a “semi-professional pole dancer.”

Most notably, a fake story was shared in the account narrating a call with Tron founder Justin Sun, referred to as “his excellency” by the hacker. In the fake story, Sun promised to take Algorand to “new heights” under the condition that Algorand’s CEO gave total control over the network and allowed Sun to mint any token to back TRUE USD (TUSD).

A sarcastic comment insinuating that Sun’s projects will be the reason behind “the next major financial collapse in crypto” closed the story.

Algorand CEO Criticized By The Community

The original announcement about the hack and the different posts shared on the compromised account ignited comments from the crypto community. Most users took the incident with humor, while others have taken the opportunity to express their discontent with the CEO.

One user claimed that Algorand CEO “qualifies to be an intern” at the Securities and Exchange Commission (SEC), clearly referencing the recent hack to the SEC’s X account suffered and resulted in a false report about the approval of spot Bitcoin ETFs.

Similarly, known crypto sleuth ZachXBT shared his thoughts about the hack, “Unpopular opinion: Staci hacker would make a better CEO for Algorand Foundation.” To which the hacker jokingly replied, “Hey bro, I just send you $10,000. Keep up the good work for this industry, buy your mom some flowers, and take your father out for a nice dinner,” referencing a previous X post informing the crypto detective of a donation made about a week ago.

No further posts have been shared in the last hours, but the account appears to still be under the hacker’s control, as none of the posts have been taken down, and there’s no official statement about the account’s recovery.

As reported by NewsBTC, ALGO outperformed the general crypto market growth in Q4 2023, experiencing an increase in market capitalization, transaction volume, revenue, and user adoption. ALGO’s prince trades at $0.1652, a 3.18% surge in the last 24 hours.

ALGO, Algorand, ALGOUSDT

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Algorand (ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base Skyrockets

According to a recent report by Messari, smart contract platform Algorand (ALGO), showcased notable growth and outperformed the general crypto market during the fourth quarter of 2023.

Algorand Outperforms Crypto Market Growth 

Per the report, Algorand experienced a surge in market capitalization during Q4 2023, with a significant growth rate of 123%. This substantial increase can be attributed to the overall positive momentum of the crypto market, which witnessed a 53% growth in market capitalization during the same period. 

Algorand

Transactions on the Algorand network also saw a significant uptick, increasing by 58% quarter-on-quarter (QoQ). Consequently, fee revenue rose by 60%, reaching its highest level in a year when measured in ALGO terms, while revenue in USD terms surged by an impressive 143%.

According to Messari, Algorand’s success can be attributed to its “thriving” ecosystem, which saw the launch of multiple innovative applications in Q4 2023. These applications covered diverse areas such as regulated and programmable euro, tokenized farmland, and a developer marketplace for selling code snippets. 

The introduction of these applications further solidified Algorand’s position as a “dynamic and versatile” platform, attracting users from various domains, according to the report. 

Moreover, Algorand witnessed a substantial increase in user adoption during Q4 2023, with the addition of 1.9 million new addresses, representing a 72% QoQ growth. 

The platform also experienced a surge in transaction volume, with transactions surpassing 5.5 million towards the end of the quarter, marking the highest number recorded in the past year. Notably, ALGO transactions increased by 43% QoQ. 

Messari further suggests that the rise in transactions can be attributed to the popularity of sticky applications like Lofty.ai, which boasted over 7,000 monthly active users, and TravelX, which issued over 2 million NFT plane tickets, with over 1 million issued in Q4 alone.

Decrease In Staked ALGO

Despite growth in key metrics, the report highlighted a decline in the amount of staked ALGO during Q4, with a 49% year-on-year (YoY) decrease. Messari attributed this decline to the reduction in rewards per governance period. 

The diminishing rewards indicate a preference among users to utilize the native asset for transactions rather than committing it to governance. This is further supported by the notable 58% QoQ increase in transactions on the Algorand network.

Algorand

Similarly, Algorand’s stablecoin market cap experienced a steady decline throughout the year, with a QoQ decrease of 43% and a YoY decrease of 74%. 

Notably, Tether’s USDT stablecoin experienced a more severe fall on Algorand, with over $100 million withdrawn in Q3. However, Quantoz launched EURD on Algorand, issuing over 1 million euro-backed tokens in Q4, contributing to 1.4% of the stablecoin market cap on the platform.

Despite previous declines, Algorand’s decentralized finance (DeFi) total value locked (TVL) witnessed a significant growth of 109% in Q4 2023. 

The platform’s DeFi ecosystem rebounded from a recent downturn, reaching its second-highest level in the past year, with a 12% YoY increase. Notably, Folks Finance experienced substantial growth, doubling its market share value from 55% to 58%, while Pact and Tinyman accounted for approximately 14% of each of the DeFi TVL market share in Q4.

Algorand

As of the latest update, the ALGO token is currently trading at $0.1753. It has experienced significant declines across various time frames, with notable decreases of 8.7%, 12.4%, and 18.5% in the past fourteen days, thirty days, and one year, respectively. 

Featured image from Shutterstock, chart from TradingView.com

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ALGO Blows Up To 42-Week High, Delighting Algorand Fans

Known for being a blockchain technology pioneer, Algorand (ALGO) has seen ups and downs in the cryptocurrency market. Over the past week, there has been a notable 20% surge in the value of the Algorand token, which also translates to a 42-week peak.

According to data from Coingecko, ALGO was trading at $0.232 at the time of writing, with a significant 24-hour trading volume of $370 million.

Algorand’s Rise: Blockchain Advancements And Market Surge

The Algorand network, also referred to as “blockchain3.0,” prioritizes security and decentralization while addressing significant scaling problems that have beset earlier blockchain systems like Bitcoin.

Algorand’s cutting-edge blockchain technology, which is well-known for its quick transactions and function in smart contracts, is what is driving ALGO’s growth. Its price increase over the weekend represented a 90% rise in the last month.

Algorand’s digital network and protocol give it a significant technological advantage that makes it a vital role in improving the financial system’s efficiency.

Algorand is a significant player in the market, presently ranked 43rd, with a current market value of more over $1.85 billion. There are already 8 billion tokens in circulation on the network, which is a sizeable fraction of the 10 billion token maximum supply.

This position takes into account the platform’s usage of a significant percentage of its token allocation as well as its presence in the cutthroat cryptocurrency market.

“We’re just getting started,” cryptocurrency enthusiast “Aj” said, expressing excitement about ALGO’s recent resurgence. According to Aj’s technical analysis, the $0.28 mark is crucial for turning resistance into support and launching the token on a long-term upswing.

A number of important underlying developments support a long-term Algorand comeback.

By collaborating with the UNDP to establish the Algorand Blockchain Academy, the Algorand Foundation has demonstrated its dedication to blockchain education and transparency, which could enhance ALGO’s position in the market.

Algorand’s Tech Triumphs Amid Market Variability

Updates that are significant and solidify Algorand’s position as a top blockchain are supporting its comeback. Algorand released AlgoKit 1.8.2 last week, a significant update that supports Python template support in dev tools to speed up application development.

Another addition to the update is a debug adapter that enables in-depth analysis of transaction execution.

In terms of smart contract throughput, Algorand has outpaced other leading Layer 1 (L1) blockchains, such as Solana, BNB Smart Chain, Avalanche, Polygon, Celo, and Ethereum, as seen in the figure below.

Algorand has remarkable technology, but its performance in the market is inconsistent. The blockchain platform exhibits creativity and state-of-the-art solutions, but the market’s reaction has been a mixed bag of positive and negative developments.

The potential of Algorand draws investors who have to traverse a volatile cryptocurrency market, which complicates their decision-making process. Investors must navigate this complex relationship between market dynamics and technological superiority with caution.

Featured image from Shutterstock

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Crypto’s Silver Lining: Market Dips Are Stepping Stones To Soaring Heights – Analyst

Crypto Rand, a renowned crypto trader, has shared insights on the current market corrections, emphasizing the necessity of these corrections for sustainable market ‘growth.’

The trader, who disseminates his views on X, stresses that despite the evident pullbacks, the crypto market’s macrostructure remains “intact.”

This perspective comes at a time when most crypto assets, including Bitcoin, have experienced significant price drops over the past couple of days.

Navigating Resistance Levels: The Path To Growth

Crypto Rand’s leveraged the price action index of various cryptocurrencies, such as Cosmos (ATOM), Chainlink (LINK), NEAR Protocol (NEAR), Algorand (ALGO), and MultiversX (EGLD), among others to highlight his point.

Rand identifies multiple resistance levels in these assets’ trajectories, suggesting these as potential points for market turnaround. These resistance levels are categorized as major or minor, depending on the frequency and intensity of price actions historically observed at these points.

Despite the temporary pullbacks that these resistance levels might introduce, Crypto Rand views them as necessary pauses that allow the market to gather strength for future upward movements.

This perspective is particularly relevant in light of Bitcoin’s recent price behavior. The flagship cryptocurrency has seen a notable dip from its recent high of $44,000, currently trading just below $42,000.

Bitcoin (BTC) price chart on TradingView amid crypto market news

This downward trend has echoed across the crypto market, impacting other major assets like Ethereum including altcoins Rand mentioned like Chainlink, and Algorand.

Over the past 7 days, BTC and ETH have experienced declines of 4.4% and 2%, respectively. Meanwhile, Chainlink has seen a 6.9% drop during the same period, and Algorand has fallen by 4.1% in just the past 24 hours.

The Broader Perspective On Crypto Market Corrections

The sentiment that market corrections are a healthy and necessary aspect of growth is not exclusive to Crypto Rand. William Clemente, the co-founder of Reflexivity Research, echoes this viewpoint.

Clemente posits that the current market retraction, which could potentially bring Bitcoin’s price closer to $40,000, should “not be a cause for alarm.”

Clemente argues that this process is crucial for eliminating weaker market participants and reducing excess leverage, ultimately establishing a firmer foundation for future upward trends.

Clemente further articulates that the inherent volatility of Bitcoin should be perceived as “a feature, not a bug”. It is worth noting that this stance reinforces the notion that the crypto market is still evolving and that such fluctuations are part and parcel of its journey towards maturity.

Featured image from iStock, Chart from TradingView

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Algorand (ALGO) NFT Rewards Skyrocket: Transactions Surge 320% In Q3

Algorand (ALGO), a smart contract platform employing the Proof-of-Stake (PoS) consensus mechanism, has showcased notable progress in the third quarter (Q3) of the year, as reported by Messari. 

Despite facing some challenges, the platform has seen remarkable growth in its ecosystem and significant developments in various aspects of its platform.

Algorand Witnesses Surge In Transaction Volume In Q3

Per the report, the non-fungible token (NFT) Rewards program implemented by Algorand garnered notable success, leading to a significant increase of 321% in NFT-related transactions compared to the previous quarter. 

This program, initiated through a governance vote in Q2, allocated 500,000 ALGO in rewards to NFT marketplace users to stimulate activity.

Furthermore, during Q3, Algorand experienced a surge in user adoption, adding 1.1 million new addresses and witnessing a 2% increase in total daily average transactions compared to the previous quarter. 

However, Algorand’s total stablecoin market cap faced a decline of 58% in Q3, largely attributed to the decreasing market caps of stablecoins on the platform. Despite this, USDC (USD Coin) surpassed USDT (Tether), accounting for 76% of the stablecoin market cap.

Algorand

In the decentralized finance (DeFi) space, Algofi, Algorand’s largest DeFi protocol by Total Value Locked (TVL), began winding down operations in July. 

As a result, Folks Finance emerged as the dominant DeFi protocol on Algorand, capturing 55% of the DeFi TVL in Q3. Algorand’s quarterly revenue, including fees collected by the protocol, grew by 25% in ALGO terms; however, it declined by 23% in USD terms due to the daily average ALGO price.

Algorand’s governance participation experienced a decline of 8% in Q3, accounting for 30% of the circulating supply. The platform’s network upgrade in Q3 allowed for increased throughput, lower blocktime, and support for quantum-secure interoperability via State Proofs.

Looking ahead, Algorand has announced plans to launch AlgoKit 2.0, a developer-focused tooling that aims to simplify the developer experience. It also intends to shift its network topology to a peer-to-peer design and transition to an incentivized consensus economic model in 2024.

ALGO Struggles To Break Key Resistance

Regarding price action, ALGO, currently ranked 53rd among the largest cryptocurrencies in the market, has faced challenges amid the recent bullish surge in most cryptocurrencies. 

The token is currently trading at $0.1217, experiencing a decline of over 7% in the past 24 hours. Despite this retracement, ALGO has shown impressive gains across other time frames.

Over 7 and 14 days, ALGO has recorded significant gains of 10% and 21%, respectively. The best performance was seen in the 30 days, with a surge of 28%. 

Algorand

However, ALGO has faced a year-to-date decline of over 62%, in contrast to most of the crypto market, where major cryptocurrencies have nearly doubled in value since the end of the crypto winter.

Moreover, ALGO has struggled to surpass its 200-day moving average (MA), a significant resistance level. This has resulted in the recent pullback, preventing the token from reaching levels not seen since July, where it reached $0.1364.

The future trajectory of ALGO remains uncertain. It will depend on continued developments and growth in its ecosystem to propel the token towards its yearly high of $0.2898, reached in February. Alternatively, ALGO may consolidate below its moving averages.

Featured image from Shutterstock, chart from TradingView.com 

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Algorand Explorer Powered By ChatGPT launched, Will ALGO Find Reprieve From Aggressive Sellers?

GoPlausible, a team of developers building tools for people to create and use Algorand, has launched AlgorandExplorer. This explorer fuses the capabilities of ChatGPT to ease interaction with the public, proof-of-stake blockchain. Algorand is a smart contract platform similar to Ethereum, allowing users to deploy decentralized applications (dapps).

In a Medium post on October 10, the team said the plugin aims to solve challenges facing Algorand indexers and eventually simplify exploring the smart contract platform. Ordinarily, users rely on indexers through which users can search and query the blockchain. This is because indexers have to create a searchable database holding all data, such as transactions, blocks, and more.

Besides offering an interface for users to explore Algorand, the AlgorandExplorer supports “semantic conversational searches, enriching data with logs and related transactions,” allowing on-chain searches to “reason with data” more effectively. The explorer will integrate a language translation tool, meaning users from across the globe can explore Algorand using their native language. 

Still, the AlgorandExplorer is under development. Eventually, in the coming version, the GoPlausible plans to include more enhancements, including Algorand Request for Comments (ARCs) and technical documentation. 

Algorand is far from the only platform investing in AI; a few months ago, Solana announced their integration of a ChatGPT plugin focused on non-fungible tokens (NFTs). The plugin, the foundation said, facilitates the buying and listing of NFTs. At the same time, it can interpret data and find the floor price of NFT collections listed on the blockchain. The floor price is the lowest price an NFT in a given collection can be sold.

The ALGO Sell-Off Continues: Will Prices Sink To New Lows?

While the move by the Algorand Foundation could see more users explore and analyze transactions on the smart contract platform, there has been no significant impact on prices. The ALGO sell-off was made worse by allegations made by the United States Securities and Exchange Commission (SEC) in June that ALGO and other coins, including Axie Infinity (AXS) and Cardano (ADA), are unregistered securities. 

Presently, ALGO remains under pressure, consolidating within a tight range defined by the sell-off recorded in August. Based on that formation, the coin is technically bearish and trending within the bear bar of August 17, a bearish engulfing bar that had high trading volume. 

Algorand price on October 11| Source: ALGOUSDT on Binance, TradingView

Thus far, looking at trackers, the coin is down by over 70% in the past year of trading. From the daily chart, ALGO is also edging lower, wiping gains posted in the first week of October.

Technically, ALGO is edging closer to all-time lows registered in August, a net negative. The primary supports remain at $0.08. If broken in Q4 2023, the odds of ALGO sinking even lower, completely reversing gains of 2021, will be on the table.

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Algorand (ALGO) May Have A Chance At A Bullish Streak – Here’s How

Algorand (ALGO) has recently announced significant changes to its protocol that are set to reshape the future of the blockchain network. These developments are aimed at increasing decentralization and fostering consensus among participants, signaling a bold step forward for the project.

One of the most striking revelations in Algorand’s recent announcement is the network’s transition from relays to a peer-to-peer (P2P) network approach. This fundamental shift represents a departure from traditional blockchain architectures and underscores Algorand’s commitment to further decentralization. 

By adopting a P2P network, Algorand aims to empower its community, enabling more nodes to participate directly in the network’s operations. This move aligns with the broader industry trend of reducing reliance on intermediaries, ultimately enhancing the network’s security and resilience.

Algorand: Incentivizing Consensus For Greater Decentralization

Another pivotal aspect of Algorand’s plan is the introduction of incentives to drive consensus within the network. By incentivizing participants, Algorand seeks to strengthen its decentralized nature and encourage active involvement in the consensus process. 

This approach not only enhances security but also promotes a more democratic and inclusive blockchain ecosystem. As the network evolves, these incentives are expected to attract a diverse array of stakeholders, fostering a sense of shared ownership and responsibility.

The implications of these transformative changes are already resonating throughout the ALGO community and the broader cryptocurrency market. Despite ALGO’s recent price struggles, which currently hover at $0.094271 according to CoinGecko, there are signs of potential bullish momentum. The Relative Strength Index (RSI) has been steadily climbing out of the oversold zone, hinting at a possible reversal of fortune.

Moreover, ALGO has recently experienced its highest social dominance in the past 24 hours. This uptick in social visibility can be attributed to Algorand’s groundbreaking announcement, which has sparked conversations and enthusiasm among cryptocurrency enthusiasts and investors alike. 

Asia Broadband Inc. Joins Algorand Ecosystem

In a piece of welcome news, Asia Broadband Inc. has announced its intention to migrate its AABBG Token, a gold-backed cryptocurrency, from the Ethereum blockchain to Algorand. This migration, set to occur on October 1, is expected to provide token holders with improved transaction efficiency, reduced costs, and enhanced transparency.

This decision underscores the growing trust in Algorand’s capabilities as a blockchain platform capable of supporting innovative projects.

Algorand’s shift towards a peer-to-peer network and the introduction of incentivized consensus represents a pivotal moment in the project’s journey towards greater decentralization and community involvement. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from CryptoTvplus

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Algorand Stuck At Bearish Price Level – Can Bulls Reverse Path?

Algorand native token, ALGO, has experienced a dramatic plunge in the wake of the recent crash in the cryptocurrency market. On August 19, the token’s value plummeted by a staggering 18%, hitting a low of $0.082. 

While ALGO subsequently rebounded slightly, currently trading at $0.097 according to CoinGecko, the prevailing sentiment suggests that the selling pressure is something investors must keep an eye on. The 24-hour gains have been a mere 0.9%, and over the span of the past week, ALGO has suffered a 5.3% decline.

Algorand Challenges Amidst Brief Rebound

Despite the transient recovery in prices, the persistent selling pressure continues to cast a shadow over ALGO’s future prospects. The potential consequence of this is the looming possibility of ALGO establishing a new all-time low in the days to come. 

This setback is compounded by a development earlier in the year when the US Securities and Exchange Commission designated ALGO as a security. This action was made as the SEC unleashed regulatory measures against the US-based crypto exchange, Bittrex. 

The reclassification of ALGO has set in motion a cascade of ramifications, affecting both the token itself and its holders in terms of financial regulations.

Regulatory Uncertainty And Value Erosion

In spite of vigorous resistance from its Foundation, ALGO’s demand has experienced a decline. The overarching reason behind this decline lies in the hesitancy of investors towards assets entangled in regulatory ambiguity. Consequently, the value of the token has witnessed a staggering decline of over 87% since the SEC’s classification. 

Over the past three months, ALGO has endured a series of successive all-time lows (ATLs). The downward spiral began on June 10, culminating in the most recent ATL on August 17. The token’s efforts to stage a bullish rebound were quashed by the overwhelming weight of relentless selling pressure.

Critical Support And Prospective Scenarios

Meanwhile, the pivotal $0.09 support level has managed to alleviate some of the selling pressure, although indicators on the trading charts raise concerns about its sustainability.

Should the critical support of $0.09 crumble under the pressure, it opens the gates for short sellers to target the price range of $0.05 to $0.07, potentially setting another unfortunate precedent of a new low for ALGO.

However, if the current support level holds, prospective buyers can anticipate opportunities to secure profits within the range of $0.12 to $0.14.

As ALGO navigates through these tumultuous waters, market observers are keenly watching how it will weather the storm. The complex interplay of regulatory challenges and market sentiment will undoubtedly shape the trajectory of this token in the days ahead.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Just Ride

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Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges

Algorand’s (ALGO) performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset’s value plummeted to a historical bottom, and it’s currently down by nearly 10% in the past 24 hours.

Algorand Records New Low

Just yesterday, amid the significant downturn in the crypto market, Algorand’s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining its stability and striving to hold its ground above the $0.11 mark over the past week.

This price move resulted in more than $50 million being wiped away from the asset’s market capitalization in the past day. Algorand’s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday.

Despite the bloodbath the asset’s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO’s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing.

Algorand (ALGO) price chart on TradingView

This isn’t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO’s current bloodbath, the US Securities and Exchange Commission Chairman once recognized Algorand as a “great technology.”

However, despite receiving positive reviews, even from the SEC, the asset eventually became entangled in legal disputes, leading to its inability to maintain stability and ultimately hitting a historic low.

Legal Complications Taking A Toll?

Besides ALGO’s price action, the last few months have been tumultuous for Algorand. Two lawsuits have cast long shadows over its progress. In its suit against the cryptocurrency exchange Bittrex in April, the SEC hinted that ALGO is a security under US laws.

This classification opened Pandora’s box of regulatory challenges for Algorand, impacting its perception among investors.

Further complicating matters for Algorand was another SEC lawsuit aimed at the behemoth crypto exchange, Binance, in June 2023. This litigation mentioned ALGO, exacerbating its woes and dragging it to its recent historically low prices.

When reviewing a potential cause for ALGO’s bearish moves in the past months, both of these high-profile legal disputes within a short time frame could be considered one of the reasons, as external factors such as regulatory challenges can significantly sway investor sentiment.

Featured image from iStock, Chart from TradingView