Since the beginning of 2022, the Algorand (ALGO) blockchain has gained almost 6 million new accounts on its network. According to AlgoExplorer data, the overall number of accounts on Algorand at the beginning of the year was 17,373,299, but by press time (by March 10, 2022), this figure had risen to 23,548,065. This represents a 35% increase from the beginning of the year.
One reason for the massive surge in interest in ALGO could be the network’s significant technological advancement, which would allow Algorand-based products to run on other blockchains and in low-power situations like mobile phones and smartwatches.
It’s also worth noting that the Algorand Foundation appointed a new CEO, former JPMorgan executive Staci Warden, only a few days before the award announcement. Her past jobs at Nasdaq, the US Treasury Department, and the Milken Institute have provided her with a wealth of experience.
Grayscale Investments’ list of assets under consideration has been updated with one of the 25 new token entries in January 2022. ALGO was one of several Layer 1 blockchain coins added to the list. Notably, even before the Grayscale announcement, Algorand had started the year on a high note. Anthony Scaramucci, the founder of alternative investment company SkyBridge Capital, lauded Algorand, projecting it as the “Google” of blockchain technology. The Algorand price analysis is bearish for the day, as the bears have devised a method of retaliation after a short positive price movement. The negative trend has been strong enough to drive prices down below $0.730.