<

Algorand (ALGO) is the next explosive altcoin to keep the eye on, says Coin Bureau

Popular crypto channel Coin Bureau shares with their subscribers detailed information on Algorand (ALGO) project and potential price action of this coin.

Algorand overview

Algorand is a blockchain platform that is aiming to create a borderless economy through its decentralized, permissionless public blockchain. Algorand is also taking on one of the biggest challenges in blockchain technology. That is how to build a platform that is both fast and scalable, without sacrificing decentralization.

“In other words, Algorand wants a blockchain ecosystem that allows everyone to participate and succeed. The platform is being built with the core principles of simplicity, instant transactions, direct usage and adoption, and performance.”

Besides, the trader highlights that Algorand is also one of the best-funded cryptocurrency projects in the space. Raising nearly 130 million dollars between its public.

Earlier this year, the network has reaches over 10 million Algorand Wallet addresses, and over 500 projects building on the Algorand.

Tokenomics

Algorand held a Dutch Auction ICO in June 2019, and raised over $60 million, selling 25 million tokens at $2.40 each. The ICO date coincided with the launch of the Algorand mainnet.

“That’s just the beginning though, as Algorand has said they will auction off 600 million tokens per year, using the same Dutch Auction system each time. The total token supply will be 10 billion ALGO.”

In terms of price movement, Coin Bureau says that ALGO has managed to push the price to a new all-time high of around 2.50, which is only slightly more than its ICO price of 2.40. However, ALGO has since seen a sharp correction and it is not just because the rest of the crypto market crashed but also because the accelerated vesting schedule granted to early investors kicked back into gear.

“It’s not the early backers that are actively selling their ALGO either. The Algorand Foundation has been actively selling its ALGO coins to fund operations and ecosystem expansion.”

At the time of writing, ALGO was trading at $1.83, rising almost 10% in the past 24-hour.

In the next two months, the crypto KOL predicts that ALGO could slowly push back to $2.3 before being smacked back down by Algorand selling schemes.

Read more:

You might also like

LATEST NEWS

LASTEST NEWS