Popular altcoin Algorand is up about 15% with the new venture; It plans to share 2 million ALGO tokens. Algorand promises to reward users with 2 million ALGOs in the first quarter of 2022. The Algorand network has announced a new initiative to gift two million ALGO tokens as liquidity rewards for a product created on its platform. ALGO, the native cryptocurrency of the Algorand blockchain, was trading at $1.72 at the time of writing, up more than 14% in the past 24 hours. Detail cryptocoin.com‘in.
This altcoin project has jumped
Algorand’s first algorithmic money market and stablecoin, Algofi, has partnered with the Algorand Foundation to distribute two million ALGO tokens in the first quarter of 2022 through the Aeneas Liquidity Program. From January 2022, users who supply, borrow and own shares of Algofi will earn algorithmically ALGO rewards.
According to the Algorand Foundation, the $3 million Liquidity Mining Initiative is expected to drive DeFi adoption. On November 30, Algofi announced $2.8 million in seed funding during Decipher, Algorand’s annual community conference. According to DeFiIlama data, Algorand saw a positive increase of 11.79% in TVL in the last 24 hours and +22.55% in seven days, fixing its total value at $108.05 million. The recent surge in Algorand (ALGO) above the psychological level of $1,600 put the bears on the defensive. ALGO/USD rallies above the daily moving average (MA 50) at $1,669 confirming that short-term sentiment has turned positive.
The moving average (MA 200) at $1,400 is acting as immediate support. Then, according to analyst Tomiwabold Olajid, the next support in this scenario would be $1,258. A break above the December high of $2,039 could be a strong signal that the bulls may have the final word. In this session, trend followers come into play in anticipation of continuing above the $1,600 psychological level.
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