Algorand’s Price Becomes Top Performer as Excitement Builds Around New Meme Coin with $15 Million Raise
So-called Ethereum killer and blockchain Layer 1 token Algorand (ALGO) is one of the better-performing tokens this week.
The price of the ALGO token has appreciated 16% in the last seven days, according to CoinGecko, far outpacing the intra-week performance of market leaders Bitcoin (BTC) and Ethereum (ETH).
However, ALGO has since taken a tumble in the last twenty-four hours.
ALGO has dropped 8% from its recent peak and currently changes hands at a price of $0.2023.
By contrast, Bitcoin remains unchanged in price from seven days ago as it trades for around $63,500. Its intraday losses are milder than ALGO’s; only losing 2%.
Ethereum grew by 1.2% over the last seven days and currently trades for $3,125. In the last 24 hours, it has shed 2.2%.
Algorand is a so-called Ethereum killer because, like its competitor, it also offers a blockchain Layer 1 with high-functionality smart contracts, speedy transactions and an energy-efficient Proof-of-Stake (PoS) consensus mechanism.
However, Algorand is still trailing behind the leading blockchain tokens in this sector. With a market cap of over $1.6 billion, ALGO is the 67th biggest cryptocurrency by market capitalization, an outlier when compared to Solana’s SOL, Cardano’s ADA, and Avalanche’s AVAX, all of which are in the top fifteen biggest cryptocurrencies.
Still, ALGO has outpaced its wealthier rivals this week. SOL grew 5.3% to trade at $145.22, while ADA added 2.4% to hit $0.4686. Avalanche trailed behind them both, only managing to grow 1.3% as it trades on Thursday afternoon UTC for a price of $35.25.
ALGO has followed a similar trajectory as many other projects so far this year.
A late February/early March rally saw the token hit $0.326 before correcting sharply. A sudden spate
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