By Franklin Smith
Algorand has attracted new players due to its deal with FIFA 2022 World Cup. Remember, the soccer governing body and the decentralized finance (DeFi) network had inked a partnership to introduce digital collectibles.
Meantime, Algorand has accomplished its promise. On September 22, it declared plans to launch the FIFA Plus Connect NFT collection. ALGO team revealed that the non-fungible token collection would enable football fans to possess fascinating game moments as NFTs.
2 + 2 =?
Algorand capitalized on this development to launch new milestones. IntoTheBlock revealed that the alt’s active addresses improved significantly. Nevertheless, the notable thing was many new users quadrupled their 24hr transactions within three months.
The update didn’t affect active address transfers alone. ALGO’s price exhibited a positive impact. While publishing this post, the alternative token traded at $0.3855, riding bullish waves within the past 24 hours (Coinmarketcap data).
Meanwhile, ALGO had maintained a green picture for the second consecutive day. That comes after the blockchain activated the State Proofs stage. Though the landmark, Algorand hadn’t done well in the developmental activity. Analytic site Santiment revealed that the chain’s development activity remains at the lowest for some time.
Contrarily, the NFT launch triggered colossal interest in the token. Santiment indicated that social dominance remained elevated since May. Meanwhile, the last highest came when the team announced the partnership.
Not All Glitters is Gold!
Market players appeared to have capitalized on ALGO’s optimism lately. CoinGlass shows the token’s futures open interest status had been surging within the past day across leading cryptocurrency exchanges.
Also, the perpetual futures market registered more than 50% activity on that exchanges. Nevertheless, it was not all sour nor sweet, with liquidations ravaging several Algorand traders. According to Coinglass data, ALGO investors endured liquidations worth more than $2 million within 24 hours.
As anticipated, short-investors suffered the most. While long liquidations stood at $193,620, short ones accounted for around $826,560. These liquidations remain abnormal, considering the numbers recorded over the previous months.
Despite the profits, Algorand investors could have to reduce their expectations. Though anything is possible, there wasn’t anything to support green for over three days.
Editorial credit: mundissima / shutterstock.com