Altcoin Algorand (ALGO)currently exhibits one of the lowest performances among legacy Layer 1 Proof-of-Stake (PoS) protocols. According to data from crypto analytics providers, more than 16.4 million Algorand addresses are currently being traded at “Out of the Money” at a loss.
More than 98% of Altcoin Algorand (ALGO) Addresses Are Lost
More than 98% of the total addresses registered on the Algoran blockchain are lost. The lost print address metric in Algorand seems to be directly proportional to its price; The cryptocurrency is currently at $0.2115 and has dropped 4.11% in the last 24 hours.
Algorand is underperforming its peers, a trend also confirmed by a slowdown in trading volume, which dropped more than 30% overnight.
Algorand, a digital currency notable for its role as the organization’s blockchain partner during the last Fifa World Cup held in Qatar, has dropped more than 15.21% since last month.
Ethereum (ETH), Cardano (ADA), Solana (SOL), and Avalanche (AVAX) Algorand has a long way to go to become a truly proprietary Ethereum killer.
A unique feature exhibited by the aforementioned top protocols is a solid branding and community presence.
It would be an understatement to say that Algorand is a unique and versatile protocol because of its speed and scalability, plus its community is not that well-knit.
A key trend driving the growth of protocols like Ethereum is the emergence of many functional Layer 2 protocols.
Shibarium, Polygon, Arbitrum and Optimism With protocols such as Algorand making waves, Algorand’s developers can expand their domains by keeping track of relevant innovations.
*Not investment advice.
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