Algorand investors may need to lower expectations despite ALGO increase 4x

It’s raining new users of Algorand [ALGO] Series after its partnership with FIFA. Remember that the world’s governing bodies and the DeFi blockchain have agreed To collaborate on the idea of ​​digital collectibles.

Now Algorand has fulfilled his promise. On September 22, Algorand announced the launch of the NFT “FIFA Plus Connect” range. According to the ALGO team, the set will allow fans to enjoy exciting football moments like the NFTs.

double + double equals?

With the development, ALGO felt it was time to reach new milestones. according to IntoTheBlock, ALGO active titles have been significantly improved. However, the striking part was that most of the new addresses quadrupled their daily transactions in about three months.

Source: IntoTheBlock

The only active address transactions were affected by the update. The price also had a positive effect. At press time, ALGO has been trading at $0.3855 in the past 24 hours, according to CoinMarketCap. This was the second day in a row that ALGO had a green outlook, especially after the activation of “government guide” The theater.

Despite this historic milestone, ALGO hasn’t done much in development. Series platform from Santiment mentioned That development activity in the chain has been at an all-time low.

In contrast, the launch of NFT has heightened significant interest in ALGO. Sentiment data showed that social dominance was at its highest level since May. Coincidentally, it was around the same time that the partnership was announced that marked the final climax.

Source: feeling

Gold, but not all glitter?

Since ALGO has continued to be the “happy giver” of late, it appears that the merchants have benefited. According to Coinglass, the forward open rate of the coin was to rise In the last 24 hours across the best cryptocurrency exchanges.

Source: CoinGlass

Likewise the perpetual futures market registered More than 50% of the activity on the same exchanges. However, it was not all sweet or sour as the liquidations destroyed a large number of ALGO dealers.

Based on Coinglass data, more than $2 million has been liquidated in the last 24 hours. As expected, it was the card dealers who paid the price. While the long liquidations amounted to $ 193 620; Short liquidation approximately $826,560. Compared to previous months, these short liquidations were incredibly more than usual.

Source: CoinGlass

Although the market is gaining, ALGO investors may need to temper expectations. Although anything could happen, there were no clear signs of green continuing until the end of the third day.

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