Algorand Is up 28% in Week, Here Are Two Potential Reasons for Rise

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Algo­rand (ALGO) is up 28% in the past week, remain­ing among the top week­ly gain­ers. At the time of pub­li­ca­tion, ALGO was chang­ing hands at $0.38, up 5.58% in the last 24 hours, per Coin­Mar­ket­Cap data. Two poten­tial fac­tors might have con­tributed to Algo­rand’s 28% gain in the past week: an uptick in inter­est coin­cid­ing with its part­ner­ship with FIFA and pos­i­tive growth in user base and TVL.

Positive growth in user base and TVL

On-chain ana­lyt­ics firm IntoThe­Block reports that Algo­rand is see­ing an uptick in new users, which may bring about growth in activ­i­ty for the blockchain, which is over­all pos­i­tive. It notes that the addi­tion of new users has grown from over 5,000 in a day to 20,000 now.

Algo­rand’s CTO, John Alan Woods, also tweet­ed that the blockchain has just set a new all-time high in its TVL. Total val­ue locked, or TVL, is the over­all val­ue of cryp­to assets placed in a decen­tral­ized finance (DeFi) sys­tem, or DeFi pro­to­cols, and might indi­cate inter­est in a par­tic­u­lar DeFi ecosystem.

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Uptick in interest amid FIFA partnership

Algo­rand has seen an uptick in inter­est from investors and soc­cer lovers since the FIFA part­ner­ship. FIFA unveiled “FIFAplus­Col­lect” ear­li­er this month, a new plat­form that would let foot­ball fans pur­chase one-of-a-kind dig­i­tal mem­o­ra­bil­ia of the most mem­o­rable moments from FIFA World Cup games. Under their recent part­ner­ship, FIFAplus Col­lect ver­i­fies own­er­ship con­fir­ma­tion using the Algo­rand blockchain.

Algo­rand also announced the appoint­ment of Michele Quin­taglie, a for­mer Visa and Fideli­ty exec­u­tive, as its chief mar­ket­ing officer.

Join­ing the Algo­rand lead­er­ship team, Quin­taglie will report to inter­im CEO Sean Ford and will lead glob­al mar­ket­ing and com­mu­ni­ca­tions with a focus on build­ing Algorand’s brand and reach through strate­gic growth initiatives.

Along with the hir­ing news of a new CMO, the FIFAplus­Col­lect mar­ket­place went live, which may have helped ALGO increase.



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