Algorand’s ALGO token nosedives amid SEC classification and deflating DeFi activity

2023-8-22 17:45

Algorand’s ALGO token price has plunged to new lows following the crypto market’s epic crash on Aug. 17.

According to CryptoSlate’s data, the digital asset fell to an all-time low of $0.08846 last Thursday. While its value has since rebounded to $0.09673 as of press time, market sentiments surrounding the asset remain negative.

Why is ALGO value dropping

Earlier in the year, the SEC classified the ALGO token as a security as part of its charges against the U.S.-based crypto exchange Bittrex. This classification has significant implications for the financial regulations that the token and its holders face.

Despite strong opposition from its Foundation, ALGO has seen a decline in demand due to investor hesitation around assets without clear regulatory status. This has resulted in the token’s value dropping by more than 87% since the classification.

Source: Tradingview

Before the SEC classification, Algorand’s ecosystem faced challenges when MyAlgo, a prominent wallet in the ecosystem, was hacked in March. The incident resulted in losses of over $10 million, shaking confidence in the network’s security measures.

Despite the falling value of ALGO, Algorand Foundation CEO Staci Warden remains optimistic, believing that the network’s ability to continue attracting developers is a positive sign for its future.

DeFi activity stalls

Meanwhile, the price decline is amid a falling DeFi activity on the network. Data from DeFillama shows that the total value of assets locked on the blockchain has fallen to less than $50 million after peaking at more than $200 million in February.

Source: DeFillama

Interestingly, the drop in TVL is not merely a result of ALGO’s falling prices. In July, Algorand’s largest decentralized finance protocol, Algofi, said it would wound down its operations due to its inability to maintain the platform. At its peak, the DeFi platform contributed over 50% of Algorand’s DeFi activity.

Algofi’s sudden closure severely impacted confidence in other protocols, which were still striving to attract new users to their platforms.

The post Algorand’s ALGO token nosedives amid SEC classification and deflating DeFi activity appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Algorand (ALGO) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0958887
Капитализация $0 Rank 99999
Цена в час новости $ 0.0943961 (-100%)

algorand token algo according aug cryptoslate crash

Источник: cryptoslate.com

algorand token → Результатов: 63


Toncoin (TON), Algorand (ALGO), OKB and Collateral Network (COLT) set to surge in 2023

Toncoin and OKB go from strength to strength in terms of price action, Algorand face trouble after a $9 million dollar hack of the MyAlgo wallet, whilst Collateral Network, a new platform that allows people to use real world assets as collateral to borrow cryptocurrencies, release their token COLT in the first stage of its […]

2023-3-29 17:15


Фото:

Borderless Capital closes $10M fund to mine and stake HNT

Borderless Capital, a venture capital company focused on growth of the Algorand ecosystem, closed the HNT. Fund for $10 million, Invezz learned from a press release of the company. The fund was conceived with the purpose of mining and staking Helium (HNT/USD), the People’s Network’s native token, which is based on the Helium blockchain and LoRaWAN technology.

2021-7-7 16:07


Fundraising platform Republic looks to Algorand’s blockchain to build new security token

Republic, an inclusive investing platform and technology services provider, today announced its proposed initiative to build a tokenized security on the Algorand blockchain. With nearly 500,000 users, the crowdfunding and private syndication arms of Republic have raised capital for over 170 startups in the past three years; facilitating $67.

2020-3-17 16:49


Real estate investment platform Realio (RST) to launch token on Algorand

Realio, a blockchain-based issuance and peer-to-peer trading platform focused on real estate private equity, today announced a partnership with Algorand, a proof-of-stake blockchain protocol. RST tokens will be made available for purchase as an Algorand Standard Asset (ASA); designed for interoperability with other supported blockchains and platform features such as RealioX.

2020-3-7 17:48


дальше еще 14 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Algorand signals recovery amid crypto price surge

Algorand (ALGO) price surged more than 11% on August 8 as the broader crypto market witnessed a spike in upside pressure. CoinGecko data shows ALGO currently trades around $0. 12 on major crypto exchanges, about 7% up in the past 24 hours.

Algorand’s Biggest DeFi Project AlgoFi Set To Shut Down

Algorand’s largest DeFi protocol, Algofi, has announced it will be shutting down in the coming months. According to a blog post by Algofi, the decision to decommission its platform is due to a “confluence of events,” which has made it impossible to maintain its highest standards of service.

Algorand’s largest DeFi protocol Algofi to shut operations

Algorand’s (ALGO) largest decentralized finance protocol, Algofi, will wind down because current events have made its continued operations non-viable, according to a July 10 statement. “A confluence of events has taken place that no longer makes building and maintaining the Algofi platform to the highest standards a viable path for our company.

Algorand price prediction as ALGO Demand Wanes

Algorand (ALGO/USD) price drifted downwards on Tuesday morning as investors focused on regulatory concerns. ALGO’s token dropped to $0. 2200, which was a few points below Monday’s high of $0.

Пользователей кошелька MyAlgo просят вывести свою криптовалюту

Разработчик криптовалютного кошелька MyAlgo попросил пользователей вывести цифровые активы из своих хранилищ. Блокчейн-сыщик, известный под псевдонимом ZachXBT, сообщил, что с 19 по 21 февраля неизвестный злоумышленник атаковал сеть Algorand и похитил монеты Algorand (ALGO), а также стейблкоины USD Coin (USDC) на сумму свыше $9 млн.