Award-winning musician Akon recently pleaded with his fans on a video-sharing website not to request him to record crypto-related messages. However, in a post on the website, the music producer did not share reasons for his newfound disinterest in cryptocurrencies. Singer Unwilling to Endorse Crypto A few years after promoting the futuristic, Wakanda-style city in […]
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Known for being a blockchain technology pioneer, Algorand (ALGO) has seen ups and downs in the cryptocurrency market. Over the past week, there has been a notable 20% surge in the value of the Algorand token, which also translates to a 42-week peak.
According to data from Coingecko, ALGO was trading at $0.232 at the time of writing, with a significant 24-hour trading volume of $370 million.
The Algorand network, also referred to as “blockchain3.0,” prioritizes security and decentralization while addressing significant scaling problems that have beset earlier blockchain systems like Bitcoin.
Algorand’s cutting-edge blockchain technology, which is well-known for its quick transactions and function in smart contracts, is what is driving ALGO’s growth. Its price increase over the weekend represented a 90% rise in the last month.
Algorand’s digital network and protocol give it a significant technological advantage that makes it a vital role in improving the financial system’s efficiency.
ALGO market cap currently at $1.902 billion. Chart: TradingView.com
Algorand is a significant player in the market, presently ranked 43rd, with a current market value of more over $1.85 billion. There are already 8 billion tokens in circulation on the network, which is a sizeable fraction of the 10 billion token maximum supply.
This position takes into account the platform’s usage of a significant percentage of its token allocation as well as its presence in the cutthroat cryptocurrency market.
“We’re just getting started,” cryptocurrency enthusiast “Aj” said, expressing excitement about ALGO’s recent resurgence. According to Aj’s technical analysis, the $0.28 mark is crucial for turning resistance into support and launching the token on a long-term upswing.
A number of important underlying developments support a long-term Algorand comeback.
By collaborating with the UNDP to establish the Algorand Blockchain Academy, the Algorand Foundation has demonstrated its dedication to blockchain education and transparency, which could enhance ALGO’s position in the market.
Updates that are significant and solidify Algorand’s position as a top blockchain are supporting its comeback. Algorand released AlgoKit 1.8.2 last week, a significant update that supports Python template support in dev tools to speed up application development.
🚨 Welcome AlgoKit 1.8.2 🚨
In the latest release, we present to you:
1️⃣ Python Template
Play around with the dev experience that you’re used to, give us feedback!2️⃣ AVM Debugger for VS Code @code
Thank you to the @Algorand team for the amazing work done on the debug adapter… pic.twitter.com/YNt9fmFsgN— Algorand Developers (@algodevs) December 20, 2023
Another addition to the update is a debug adapter that enables in-depth analysis of transaction execution.
In terms of smart contract throughput, Algorand has outpaced other leading Layer 1 (L1) blockchains, such as Solana, BNB Smart Chain, Avalanche, Polygon, Celo, and Ethereum, as seen in the figure below.
Smart Contract Throughput | Source: Algoscan App
Algorand has remarkable technology, but its performance in the market is inconsistent. The blockchain platform exhibits creativity and state-of-the-art solutions, but the market’s reaction has been a mixed bag of positive and negative developments.
The potential of Algorand draws investors who have to traverse a volatile cryptocurrency market, which complicates their decision-making process. Investors must navigate this complex relationship between market dynamics and technological superiority with caution.
Featured image from Shutterstock
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
It’s no news that Taylor Swift sells a lot of concert tickets. But is her fanbase now also feverishly buying seats to football games?
That appears to be the case. Swift is rumored to be in a relationship with Kansas City Chiefs All-Pro tight end Jason Kelce and attended last weekend’s Chiefs game versus the Chicago Bears in Kansas City, Mo.
As a result, tickets to future Chiefs games are said to be a hot item, with Swifties (as her fans are called) apparently hoping to get a glimpse of the pop star at upcoming contests.
The Kansas City Star reported Tuesday that StubHub, the ticket-resale platform, “has seen a nearly three-fold increase in ticket sales and ticket searches for all Chiefs home games for the rest of the season.”
And the same may be true for Chiefs away games, or at least it appears to be the case for the team’s match against the New York Jets this upcoming Sunday at New Jersey’s MetLife Stadium, the Jets home venue. Town & Country reported that sales were strong on StubHub for that match as well.
Not that any future Swift football sightings are guaranteed in the New York metro area or elsewhere. But as Town & Country noted, “Swift is based in New York City, leading many to speculate that if she wants to watch another football game, MetLife Stadium would be an easy location for her to attend.”
MarketWatch reached out to StubHub for details, but didn’t receive an immediate response.
Swift is on break from her hugely successful “Eras” tour until November. But Swifties have at least one other option for seeing her beyond buying football tickets with the possible chance of getting a glimpse.
That is, the movie version of Swift’s tour, simply titled “Taylor Swift: The Eras Tour,” is set to be released on Oct. 13. Swift announced Tuesday that the picture, originally scheduled for U.S. release that day, will now be available worldwide.
Rap icon and entrepreneur Calvin Cordozar Broadus Jr., more commonly known as Snoop Dogg, dives into Web3 once again with a nonfungible token (NFT) project that will allow his fans to follow his life on tour.
In an announcement, the rapper unveiled the Snoop Dogg Passport Series, an NFT collection that provides access to various content, such as behind-the-scenes videos and photos uploaded by Snoop Dogg while on tour. Holders of the NFT passport will also be eligible for future releases like artwork and merchandise.
According to the rapper, he’s long been “pushing things forward” and believes digital merch is a part of the future. He also encouraged other artists to follow his steps: “I’m hoping other artists can see what I’m doing and continue to innovate on their own,” Snoop Dogg said in a statement.
The project was developed in collaboration with the Web3 platform Transient Labs. Chris Ostoich, the company’s chief operating officer, said that it is always looking for ways to leverage blockchain to “offer unique experiences,” and the partnership with Snoop Dogg enables it to do this.
Snoop Dogg has been actively participating in various Web3 endeavors for some time. In 2021, the rapper proclaimed himself the anonymous NFT collector “Cozomo de’ Medici,” whose wallet was worth around $17.6 million at the time.
Related: Music NFTs are helping independent creators monetize and build a fanbase
Apart from collecting NFTs, the rapper also showcased the Bored Ape Yacht Club NFT collection through a collaboration with fellow rapper Eminem. The duo released a song and performed it at the MTV Music Awards.
On March 6, Snoop Dogg was revealed as the co-founder of a Web3-powered live-streaming platform called Shiller alongside tech entrepreneur Sam Jones. The app aims to combine Web3 technology with real-time streaming content.
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