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ALGO holders gear up for exciting times ahead, thanks to…

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ALGO holders gear up for exciting times ahead, thanks to...
Source: Pixabay


Algorand’s native crypto ALGO might be about to abandon its lower range thanks to the upcoming FIFA world cup.

FIFA.com announced the launch of FIFAPlusCollect, a new platform for collectibles. And, Algorand just revealed its roadmap for the new FIFA collectibles platform.


Here’s AMBCrypto’s price prediction for ALGO


Algorand’s new roadmap for FIFAPlusCollect revealed the plan to rollout collectibles from FIFA’s multi-decade history. It also highlights plans to ensure fan engagement through curator challenges and collection rewards.

You are probably wondering why this is an important development for Algorand and ALGO. Well, FIFA has a rich history and a robust fan base across the globe.

The development has the potential to attract millions of fans to the FIFA collectibles platform. Since it runs on the Algorand network, strong demand for the collectibles can potentially result in more demand for the ALGO cryptocurrency.

ALGO on-chain volumes increased notably in the last three days, likely due to growing investors’ excitement. More volumes are expected in the next few weeks as transactions from the collectibles increase.

The volume increased by roughly 68 million ALGO in the last three days, which equates to roughly $22 million at present market value.

It looks like whales have also been contributing to the volume increase. The largest whales (addresses with more than 10 million ALGO) increased their balances by 3.61% in the last five days.

ALGO top addresses

Source: Messari

Other whales holding between 100,000 and 10 million coins have also been accumulating. As expected, the observed whale activity and increased interest in ALGO triggered a surge in the network’s adjusted transaction volume.

ALGO transaction volume

Source: Messari

Algorand’s transaction volume might bounce back above the current monthly highs in November. However, this is assuming that the new FIFAPlusCollect platform will offer a healthy transaction volumes boost.

ALGO’s price action

ALGO’s performance in the last five days reflects the observed accumulation by whales/top addresses. It traded at $0.33 at press time after a 7.31% upside in the last 24 hours. This means it is now up by roughly 14% in the last few days.

ALGO price action

Source: TradingView

ALGO’s upside especially in the last 24 hours might be an indication of increased investors’ excitement following the collectibles roadmap release.

This performance might also be the start of a new bullish wave especially now that bullish demand for ALGO is returning to the market. ALGO investors might thus be in for some upside especially once the FIFA world cup season kicks into full gear.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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