Algorand’s current market position may lead investors to view ALGO as a…

  • ALGO shows improvements on the social front
  • dApps have seen an increase in the number of unique users and the growth of TVL programs

With most eyes focused on the events happening around FTX over the past 13 days, one network has slowly moved up the social ladder. Amidst the devastation caused by the SBF and the FTX stock exchange, Algorand has managed to garner enough attention on the social front.

Read Algorand [ALGO] predict the price 2022-2023

All the hype for ALGO

according to LunarCrushAlgorand community activity has grown exponentially. In a tweet posted by the social analytics company on November 18, Algorand stood at AltRank No. 4, which was an impressive development for ALGO.

Besides, the weighted sentiment for Algorand has grown significantly over the past few days, as can be seen in the image below. This indicates that the crypto community had a positive and optimistic attitude towards the platform.

Source: feeling

The surge in weighted sentiment could also have affected the growth in Algorand’s NFT volume.

Stock, a data and discovery platform for NFTs, also tweeted that Algorand’s total NFT volume has seen a 23% increase in the past 24 hours. However, the blue-chip NFT group, MNGO, has noticed a drop in its lowest price below same period.

DApps on the Algorand Network have also seen positive improvements over the past 24 hours. dApps like Tiny man experienced a growth of 17.82% in terms of the number of unique active users, according to data from dab radar.

This high may be because the Tinyman made several of them Cooperation and developments over the past few days.

Other dApps like Modest DeFi And the judox It also witnessed similar growth.

TVL Algorand increases

The increased activity on Algorand’s dApps may cause a significant rise in Algorand’s Total Value Locked (TVL), which has shown significant growth over the past week. The rise in TVL could indicate that Algorand’s presence in the DeFi space has seen significant growth.

At the time of publication, Algorand’s TVL is $151.72 million, up 6.74% in the last 24 hours.

Source: Defillama

Besides TVL, Algorand’s prices also saw an increase. At the time of writing this report, ALGO Trade at 0.295. Its price rose by 8.89% in the past 24 hours, he said CoinMarketCap.

However, its market value continued to fall and it went down with it 7.66% during the past week. At the time of publication, Algorand held 0.24% of the shares The crypto market in general.

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