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

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Algorand (ALGO) is up 28% over the past week, being one of the top weekly gainers. At the time of publication, ALGO was changing hands at $0.38, up 5.58% over the past 24 hours. CoinMarketCap Information Two possible factors may have contributed to Algorand’s 28% gain over the past week: increased interest in 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 increase in new users, which could lead to an increase in blockchain activity, which is positive overall. It notes that the number of new users has increased from 5,000 a day to 20,000 now.

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

Rising interest amid FIFA partnership

Since the FIFA partnership, Algorand has seen increased interest from investors and football lovers. FIFA earlier this month unveiled “FIFAPlus Collect”, a new platform that will allow football fans to buy one-of-a-kind digital memorabilia from the most memorable moments of FIFA World Cup games. As part of their recent partnership, FifaPlus Collect uses the Algorand blockchain to verify ownership rights.

Algorand also announced the appointment of Michele Quintagli, a former Visa and Fidelity executive, as its Chief Marketing Officer.

Joining the Algorand leadership team, Quintagli will report to Interim CEO Sean Ford and lead global marketing and communications, focusing on building Algorand’s brand and delivering through strategic growth initiatives.

The FIFAPlus Collect Marketplace went live, with news of the hiring of a new CMO, which may have helped grow ALGO.



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