Algorand in El Salvador
According to the trader, Algorand does not play into the crypto hype machine so it often flies under the radar going unnoticed, yet, this blockchain has some of the best technology in the industry with one of the most respected teams.
Recently, ALGO blasted from around $1.30 all the way up to $2 in a single day. As the trader says, this price action followed news that El Salvador will be using Algorand to build its government blockchain infrastructure.
“It is very likely that this project could have better results than the Bitcoin legal tender adoption that we have seen play out over the past week,”
The crypto KOL highlights that the technology available through Algorand can handle the level of activity that the nation-state demands. Meanwhile, the country’s blockchain network will be developed by Koibanx, one of the leading crypto companies in Latin America.
“Koibanx has already started using Algorand in the development of government services across Latin America. The company has built platforms that were used for point-of-sale credit issuance systems as well as programs related to the pandemic response.”
Not only in El Salvador, the analyst says that Algorand also has an extensive history working with governments to implement a variety of different blockchain strategies.
“Algorand has previously partnered with the Brixton city council to tokenize the local Brixton Pound, an independent local currency designed to keep money in the community. They also signed an even bigger deal with the government of the Marshall Islands to provide the infrastructure for the region’s national digital currency SOV, which will circulate alongside the US dollar.”
DeFi on Algorand
According to the crypto KOL, DeFi platforms are also coming to the Algorand blockchain, allowing investors to earn high interest yields on their crypto assets.
One of the most anticipated platforms is Algofi, which recently announced the upcoming launch of its DeFi lending app for the Algorand blockchain.
“Algofi is currently live on Algorand’s testnet and hopes to point watch on the mainnet for public use by the end of this year.”
Price action and prediction
Armstrong says that ALGO is the coin traders should keep a close eye on for the rest of this cycle and it is not late now to get in.
“At just over $2 per coin, ALGO is a steal. The tokenomics of ALGO are a hard nut to crack. It has a high coin supply-10 billion. And it’s already in the top 20 by market cap. Just about to break $11 billion.”
The analyst says that ALGO price action could move it into the top 10, which would be 180% pump between now and the end of the year.
“It’s not just a moonshot crypto though. It’s obvious that its partnerships and fundamentals are going to see it through the bear market.”