- Total accounts on the Algorand network has increased by 35.5% in 2022
- Accounts on Algorand currently stand at 23.548 million which is a 6.174 million increment from January
- Increment in Algorand accounts can be attributed to the most recent upgrade focused on interoperability
- ALGO/USDT is in a downtrend and trading at the $0.72 support level
The Algorand (ALGO) network has experienced an impressive uptick in total accounts of 35.5% since the year began.
According to Algoexplorer, the total number of accounts on the Algorand network stood at 17,373,299 at the beginning of 2022. At the time of writing, Algorand now has a total of 23,548,065 accounts on its network. This is an increment of 6,174,766 accounts in less than three months.
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Algorand Continues to Build
The aforementioned growth on the Algorand (ALGO) is attributed to continual development on the network.
To begin with, earlier this month, the team at Algorand announced the release of its most recent technical upgrade meant to allow developers to create complex dapps with ‘smart contract-to-contract calling and network participants can take their first step towards trustless cross-chain interoperability with quantum-secure keys for the upcoming State Proof technology’.
Secondly, the most recent upgrade of the Algorand mainnet comes only weeks after the Algorand Foundation launched a $20 million incentive program focused on developer tooling and compatibility with the Ethereum Virtual Machine.
Algorand Appoints a New CEO and Catches the Attention of Grayscale
Also in February, Algorand announced the appointment of Staci Warden as the project’s Chief Executive Officer. Ms. Warden has a vast background in finance and ‘has led global teams at the Milken Institute, JP Morgan, the Nasdaq stock exchange, and the U.S. Treasury Department’.
Ms. Warden expressed optimism with her new role explaining that ‘1.7 billion people in the world do not have access to finance, and the Algorand protocol has the speed, the security, and the decentralization to address the problem of global financial inclusion at scale’.
Also worth mentioning is that the team at Grayscale Investments had announced earlier this year, that it had added Algorand (ALGO) to its list of assets under consideration for possible addition to its future investment products.
ALGO/USDT is in a Downtrend at the $0.72 Support Level
With respect to price action, the daily ALGO/USDT indicates that the digital asset is currently in a downtrend. At the time of writing, ALGO is trading at $0.73 and below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages.
Additionally, ALGO/USDT is currently defending the important $0.72 support level that could determine whether it falls to lower levels.
Furthermore, ALGO’s daily MFI and RSI are in neutral territory at 44 and 35 respectively. The daily MACD is also indicating reduced buying of Algorand (ALGO) thus increasing the likelihood of more losses in the days to follow.
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