Algorand’s current market standing could have investors eyeing ALGO because…

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  • ALGO shows improve­ments on the social front
  • dApps wit­nessed a surge in unique users and TVL shows growth

With most eyes on the events that tran­spired around FTX in the last 13 days, a net­work slow­ly climbed its way up the social lad­der. Amid the hav­oc that occurred thanks to SBF and the FTX exchange, Algo­rand man­aged to gar­ner suf­fi­cient inter­est on the social front.

Read Algorand’s [ALGO] price pre­dic­tion 2022–2023

All the hype for ALGO

 Accord­ing to Lunar­Crush, Algorand’s com­mu­ni­ty activ­i­ty wit­nessed some sig­nif­i­cant growth. In a tweet post­ed by the social ana­lyt­ics firm on 18 Novem­ber, Algo­rand stood at the AltRank of #4, which was an impres­sive devel­op­ment for ALGO.

Cou­pled with this, Algorand’s weight­ed sen­ti­ment grew tremen­dous­ly over the past few days, as can be seen from the image below. This indi­cat­ed that the cryp­to com­mu­ni­ty had a pos­i­tive and opti­mistic approach towards the platform.

Source: San­ti­ment

The spike in weight­ed sen­ti­ment could also have impact­ed the growth in Algorand’s NFT volume.

Stock­wit­sNFTs, a data and dis­cov­ery plat­form for NFTs, also tweet­ed that the over­all NFT vol­ume for Algo­rand wit­nessed a 23% spike in the last 24 hours. How­ev­er, its blue chip NFT col­lec­tion, MNGO, observed a depre­ci­a­tion in its floor price dur­ing the same peri­od.

The dApps on Algorand’s net­work wit­nessed pos­i­tive improve­ments over the past 24 hours as well. dApps such as Tiny­man wit­nessed a growth of 17.82% in terms of unique active users, accord­ing to data pro­vid­ed by Dapp Radar.

This spike could be due to the fact that Tiny­man had been mak­ing mul­ti­ple col­lab­o­ra­tions and devel­op­ments in the last few days.

Oth­er dApps such as Hum­ble DeFi and Algo­dex also wit­nessed a sim­i­lar growth.

Algorand’s TVL increases

The increas­ing activ­i­ty on Algorand’s dApps could be caus­ing the uptick observed in Algorand’s total val­ue locked (TVL), which wit­nessed sub­stan­tial growth over the past week. An uptick in TVL could indi­cate that Algorand’s pres­ence in the DeFi space was wit­ness­ing sig­nif­i­cant growth. 

At press time, Algorand’s TVL stood at $151.72 mil­lion and increased by 6.74% in the last 24 hours.

Source: DefiLla­ma

Along with its TVL, Algorand’s prices also wit­nessed a surge. At the time of writ­ing, ALGO was trad­ing at 0.295. Its price had appre­ci­at­ed by 8.89% in the last 24 hours, accord­ing to Coin­Mar­ket­Cap.

How­ev­er, its mar­ket cap con­tin­ued to decline and fell by 7.66% in the last week. At press time, Algo­rand had cap­tured 0.24% of the over­all cryp­to market.

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