{"id":266350,"date":"2022-10-25T15:30:57","date_gmt":"2022-10-25T10:00:57","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=266350"},"modified":"2022-10-25T13:08:14","modified_gmt":"2022-10-25T07:38:14","slug":"algorand-gets-layer-2-protocol-mikomeda-but-how-did-algo-react-to-it","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/algorand-gets-layer-2-protocol-mikomeda-but-how-did-algo-react-to-it\/","title":{"rendered":"Algorand gets layer-2 protocol Mikomeda; but how did ALGO react to it"},"content":{"rendered":"

Algorand<\/span><\/a> is one of the cryptocurrencies, which has seen its network grow despite the ongoing crypto winter. It has even collaborated within new avenues. <\/span><\/p>\n

Recently, a layer-2 protocol <\/span>Mikomeda <\/span><\/a>was launched on the platform. Despite the success of the launch, there was no positive impact on ALGO’s price<\/span>. However, there was one aspect where <\/span>Algorand<\/span><\/a> showed massive growth and that was its TVL.<\/span><\/p>\n

\n

Here\u2019s AMBCrypto\u2019s <\/span>Price Prediction for Algorand<\/span><\/a> for 2022-2023<\/span><\/p>\n

\n

The <\/span>Milkomeda<\/span><\/a> protocol was launched on 19 October as the first rollup and EVM support for Algorand.\u00a0<\/span><\/p>\n

Even though ALGO’s price continued to decline, the network showed great promise in terms of its DeFi success. <\/span><\/p>\n

Since 9 October, Algorand\u2019s TVL has grown tremendously. At the time of writing, the total value locked by Algorand was at $286.9 million.<\/span><\/p>\n

\"\"<\/a>
Source: DefiLama<\/figcaption><\/figure>\n

However, the growth in the DeFi space and the launch of the new layer 2 protocol weren\u2019t enough for Algorand to sway public opinion on its side.<\/span><\/p>\n

By taking a look at the image below, it can be observed that over the last few days, the weighted sentiment turned negative. Thus, implying that the crypto community had more negative things to say about Algorand.<\/span><\/p>\n

Coupled with the negative sentiment, Algorand witnessed a decline in its social engagements and mentions. <\/span>According to LunarCrush<\/span><\/a>, an analytics firm, Algorand\u2019s social mentions declined by 1.59% and its social engagements fell by 16.39% over the past week.<\/span><\/p>\n

\"\"<\/a>
Source: Santiment<\/figcaption><\/figure>\n

The decline in investors’ sentiment and social engagements could be one of the reasons why Algorand\u2019s NFT market also had difficulty showing growth.<\/span><\/p>\n

Taking the \u2018fun\u2019 out of nonfungible<\/b><\/h3>\n

As evidenced by the image below, it can be seen that there was a decline in the number of daily NFT sales on the Algorand platform. <\/span><\/p>\n

Since the past four weeks, the number of users buying NFTs on the Algorand network has reduced. In fact, the number of unique buyers buying NFTs has also <\/span>decreased since September.<\/span><\/a><\/p>\n

\"\"<\/a>
Source: nftexplorer<\/a><\/figcaption><\/figure>\n

At the time of writing, Algorand was trading at $0.31 and had depreciated by 5.64% in the <\/span>last seven days<\/span><\/a>. However, the fees being generated on the network witnessed a massive surge and increased by <\/span>11.87% over the <\/span><\/a>week. In fact, its volume also went up by 30.86% over the last 24 hours.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Algorand is one of the cryptocurrencies, which has seen its network grow despite the ongoing crypto winter. It has even collaborated within new avenues. Recently, a layer-2 protocol Mikomeda was launched on the platform. Despite the success of the launch, there was no positive impact on ALGO’s price. However, there was one aspect where AlgorandContinue reading “Algorand gets layer-2 protocol Mikomeda; but how did ALGO react to it”<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":266357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-266350","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nAlgorand gets layer-2 protocol Mikomeda; but how did ALGO react to it - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Algorand is one of the cryptocurrencies, which has seen its network grow despite the ongoing crypto winter. 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