Algorand: The new plan for this NFT fan token and ALGO analysis
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Algorand's native cryptocurrency ALGO may be about to drop out of the lower range thanks to the upcoming FIFA world cup.
FIFA.com has announced the launch of FIFAPlusCollect, a new platform for collections. And, Algorand just revealed its roadmap for the new FIFA collectibles platform.
Algorand's new roadmap for FIFAPlusCollect has revealed its plans to release collections from FIFA's decades-long history. It also highlights plans to ensure fan engagement through manager challenges and collectible rewards.
You may be wondering why this is such an important development for Algorand and ALGO. Yes, FIFA has a rich history and a strong fan base around the world.
The development has the potential to draw millions of fans to the FIFA collectibles platform. Since it runs on the Algorand network, the high demand for collectibles could lead to an increased demand for the ALGO cryptocurrency.
ALGO's on-chain volume has increased significantly over the past three days, possibly due to the growing enthusiasm of investors. More volume is expected in the coming weeks as trade-in collectibles picks up.
Volume has increased by about 68 million ALGO in the past three days or about $22 million at current market value.
It seems that the whales also contributed to the increase in mass. The largest whales (addresses with more than 10 million ALGOs) have increased their balances by 3.61% in the past five days.
Other whales have also amassed between 100,000 and 10 million coins. As expected, the observed whale activity and growing interest in ALGO triggered an increase in the network's regulated transaction volume.
Algorand trading volume could rebound above the current monthly high in November. However, this means that the new FIFAPlusCollect platform should provide a healthy boost in trading volume.
ALGO price chart
ALGO's performance over the past five days reflects the accumulation observed by whales/primary directions. It trades at $0.33 at press time after gaining 7.31% in the past 24 hours. This means it is now up about 14% in the past few days.
ALGO's gains, especially over the past 24 hours, could be a sign of growing investor enthusiasm following the release of the collectibles roadmap.
This performance could also be the start of a new bullish wave, especially now that bullish demand for ALGO is returning to the market. Therefore, ALGO investors can have some advantages, especially when the FIFA world cup season is underway.
Oct 26, 2022