By Franklin Smith
Analysts expected recoveries from the cryptocurrency market at the start of Q3. Nevertheless, most digital assets could not initiate notable upticks, failing to ensure recovery.
Algorand (ALGO) is among the altcoins that could not reveal revival signals following the latest slump. Whales have taken charge of ALGO as the asset remained downside for the past few months.
ALGO Whales Take Charge
Algorand whales controlled most of the token’s supply until April 2021. However, the token’s concentration has significantly reduced since then, and these whales accounted for only 15.31% of the total supply by July 6.
Nevertheless, this cohort appears ready to regain the lost glory. Meanwhile, whales controlled 1.4B Algorand tokens by July 2022, valued at about $420 million. Meanwhile, the figure climbed to 1.92B ($576 million) by July 6.
Though the growth might not appear as substantial, the numbers reflect the highest whale acquisition after over ten months.
Moreover, this high concentration level has never emerged since September 2021. That comes even with outflows totaling 183M ALGO within the past 24 hours were the highest seen in around six months.
That shows whales complete most transactions despite having approximately 14 million Algorand hodlers. Even so, while publishing this blog, $63.9M of the overall $75.66 million volume generated via on-chain transactions came from ALGO whales alone.
Whale Dominance
The declining ALGO on charts means an appropriate moment for whale accumulation since retail investors refrain. That would see them reaping returns once ALGO launched upside price movements.
The probability of the same isn’t too meek as the Moving Average Convergence Divergence maintains its optimistic cross. And the candles aren’t that far from the 50-d SMA, and flipping this moving average to support would offer ALGO the essential push.
Meanwhile, the crypto market saw improved actions within the past day. Large-cap assets hover with impressive upticks as Bitcoin reclaimed the $20K level. While publishing this blog, Bitcoin traded at $20,407.61, gaining 1.18% over the past 24 hours.
Also, the overall cryptocurrency market capitalization noted a 1.02% 24hr surge to $916.32 billion. However, buyers are yet to confirm an end to the bearish regime.
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