Algorand still down despite the WC ⚽

The Algorand cryptocurrency continues to lose ground despite the developers teaming up with FIFA a few months ago. As a result, the Algorand logo was seen at some of the biggest World Cup games in Qatar. However, waning trends in decentralized finance have proven to outweigh the VM and have driven down the prices of “DeFi” (Decentralized Finance) cryptocurrencies:

  • FIFA has created its collection of FIFA+ NFTs using Algorand technology. However, early indications show that these investments have not gone as well as the company had hoped. As a result, the Algorand token retreated to a 2-year low.
  • Despite the partnership with FIFA and the marketing spend for the World Cup in Qatar, Google Trends shows no significant change in search volume on Algorand.
  • The project is also struggling as investors remain wary of slowing activity in decentralized platforms. According to data from DeFi Lam, the total investment locked in smart contracts (TVL) in Algorand remained in a downward trend even in the middle of the WC. After reaching a peak TVL of over $300 million, Algorand’s current TVL is around $160 million, down over 23% in the last 30 days.
  • On the positive side, Algorand has been selected by the Bank of Italy and other financial institutions to be the public blockchain that will support the new Italian digital security platform. The platform will be launched in early 2023. When launched, it will be the first time that a major EU member will allow the use of blockchain in insurance underwriting.

Algorand plot, W1 interval. The price is nearing all-time lows near $0.16, a level that could favor a bullish impulse. Source: xStation5

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