• Discussions about ALGO surpassed most projects, leading to a hike in price.
• The sentiment around the token improved, and most open contracts went long.

Algorand’s [ALGO] social mentions, contributions, and engagement increased significantly on 16 June. According to social intelligence platform LunarCrush, the project’s social activity rose above most of its rivals such that it named it the “coin of the day.”

Is your portfolio green? Check the Algorand Profit Calculator

The hike in these metrics means that the depth of community interaction around Algorand was much more than in other projects.  Also, the spike in discussion and search might not be surprising as ALGO’s volume surged to its highest since March on 14 July.

Fresh wind in the house

Furthermore, the increase in volume backed the ALGO price. And consequently, the value of the 45th-ranked cryptocurrency spiked by 7.32% in the last 24 hours. The rise in price serves as a breath of fresh air for ALGO, which has experienced a monumental fall this year.

In June, the SEC proscribed ALGO as an unregistered security following a class action lawsuit against Binance and Coinbase. As a result, ALGO dropped to an All-Time Low (ATL)

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Author: Victor Olanrewaju

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