By Franklin Smith
Algorand (ALGO) may escape its lower range soon, thanks to the much-awaited FIFA 2022 World Cup. Meanwhile, FIFA.com confirmed the launch of a new platform, FIFAPlusCollect, for collectibles. Moreover, Algorand has announced its roadmap for the FIFA collectibles network.
The new roadmap by Algorand for FIFAPlusCollect unveiled the strategy to introduce collectibles from FIFA’s decade-long history. Also, it reveals plans to bring fan engagement via collection rewards and curator challenges.
You might ask why such a development matters for Algorand and its native ALGO. Well, FIFA boasts a massive fan base globally and a rich history.
Thus, the development can attract millions of football fans to the collectibles network. As it operates on the Algorand blockchain, improved demand for digital collectibles can lead to heightened demand for the native ALGO.
ALGO saw its on-chain volume soar considerably within the past three days, probably due to increased investor excitement. Analysts expect more volumes amid surged transactions from the FIFA collectibles in the coming few weeks.
The volume soared approximately 68 million $ALGO over the past 72 hours, equating to around $22 million at the current market value. It seems like whales contributed to the volume uptick. The leading whales (addresses with over 10M ALGO) magnified their holdings by 3.61% within the past five days.
Also, whales holding 100,000 – 10 million tokens have been accumulating. Consequently, the whale activity and improved ALGO interest catalyzed an uptick in the blockchain’s adjusted transaction volume.
ALGO’s transaction volume could rebound beyond the present monthly peaks in the coming month, November. Nevertheless, that presumes that the FIFAPlusCollect network will trigger healthy transaction volumes.
ALGO Price Action
ALGO’s performance over the past five days reflected the noted whale accumulation. While publishing this content, the alternative token changed hands at $0.33, gaining 7.31% within the past 24 hours. That means ALGO gained approximately 14% over the past few days.
ALGO’s surges, especially within the past day, could reflect the surged investor excitement after Algorand’s collectibles roadmap.
The performance could also welcome a new upside wave as the ALGO sees renewed demand. Thus, ALGO holders might enjoy some upsides once the FIFA 2022 World Cup season launches into full gear.
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