Algorand Foundation CEO says ‘we don’t think about price’

Algo­rand Foun­da­tion CEO Staci War­den played down the sig­nif­i­cance of ALGO’s under­whelm­ing per­for­mance, say­ing, “We don’t think about price.”

In a recent inter­view with Real Vision Cryp­to, War­den brushed aside the rel­e­vance of price, instead high­light­ing the Foundation’s suc­cess in attract­ing devel­op­ers to the ecosys­tem and ensur­ing their success.

“We are hav­ing a Cam­bri­an explo­sion of builders on this ecosys­tem right now. I will say we try to make sure that they have a good path to success.”

Algorand is down 50% from its 2023 peak

Algo­rand opened 2023 at $0.1721, expe­ri­enc­ing a run that peaked at $0.30 by Feb­ru­ary 7.

The zone around $0.24 pro­vid­ed sup­port, lead­ing to a bounce that failed to break through $0.2913 two weeks later.

An accel­er­at­ed down­trend fol­lowed that was reversed as mar­ket leader Bit­coin showed strength off the back of the March bank­ing cri­sis – with sen­ti­ment flip­ping in favor of hard assets, as opposed to fiat proliferation.

Nonethe­less, this recov­ery was some­what mut­ed, with the $0.24 zon­al sup­port zone now act­ing as resis­tance – lead­ing to three rejec­tions and a fur­ther spill that trig­gered on April 17.

As of writ­ing, Algo­rand had sunk to $0.1507, mark­ing a 50% drop from 2023 highs and, more sig­nif­i­cant­ly, a lev­el not seen since March 2020 – mark­ing a 38-month low.

Fur­ther­more, the coin is down 96% from its all-time high price of $3.56, achieved on June 20, 2019.

CEO addresses tough questions

In an April SEC fil­ing against Bit­trex, the Algo­rand Foun­da­tion and Algo­rand Inc were accused of breach­ing secu­ri­ties laws via the com­mon enter­prise and expec­ta­tion of prof­it prongs of the Howey Test.

“These state­ments led rea­son­able ALGO investors through­out the Rel­e­vant Peri­od to expect that the demand for ALGO would like­ly increase based on Algo­rand, Inc.’s and Algo­rand Foundation’s efforts to increase demand for the Algo­rand tech­nol­o­gy, there­by result­ing in a price increase for ALGO.”

Dur­ing the inter­view, War­den said the enforce­ment action was a sur­prise because the Foun­da­tion is not based in the U.S., nor is ALGO issued with­in that jurisdiction.

On the MyAl­go Wal­let hack, which began around  Feb­ru­ary, War­den said the Foun­da­tion gave the com­pa­ny a grant but is not relat­ed in any oth­er way. Foren­sic exam­i­na­tions turned up no clues on the cause of the hack, lead­ing them to turn things over to the FBI.

In clos­ing the inter­view, War­den stat­ed that Algo­rand is a young ecosys­tem not focused on hype. Instead, they pre­fer to focus on devel­op­ers, pro­to­cols, and to fol­low “a bot­toms-up strategy.”