Algorand is one among solely a handful of cryptocurrencies within the inexperienced after the Federal Reserve raised U.S. rates of interest by 75 foundation factors yesterday.
Algorand Defies the Market
Algorand has employed a brand new CMO.
The corporate behind the self-styled “sustainable blockchain” introduced Wednesday that it had employed Michele Quintaglie as its new Chief Advertising and marketing Officer. Quintaglie joins Algorand’s new interim CEO, Sean Ford, after the agency’s earlier CEO, Steven Kokinos, left the place in July.
Quintaglie boasts expertise at among the world’s high corporations, together with positions as Head of Communications at each Visa and Constancy, in addition to Head of World Media Relations and Public Affairs at Raytheon Applied sciences.
Algorand seems to have reacted favorably to Quintaglie’s appointment. For the reason that information broke yesterday, the ALGO token has jumped greater than 15%. It’s one among solely a handful of cryptocurrencies within the inexperienced after the market’s response to the Federal Reserve’s 75 foundation level rate of interest hike.
Nonetheless, regardless of in the present day’s constructive value motion, Algorand continues to be in need of its bull market peak. ALGO briefly reached a excessive of round $2.98 in November 2021 however has misplaced a lot of its worth as crypto and shares tumbled all through 2022 in response to rate of interest hikes from the Federal Reserve and worsening macroeconomic circumstances.
One other Tailwind
Yesterday’s appointment of a brand new Chief Advertising and marketing Officer isn’t the primary tailwind for Algorand in current months.
In Could, Algorand secured a partnership with the world’s premier soccer federation, FIFA. The ALGO token obtained a bullish enhance after FIFA introduced Algorand would turn out to be the group’s official blockchain platform, serving to it acquire broader publicity.
For the reason that FIFA partnership, Algorand has loved elevated curiosity each from buyers and soccer followers. Earlier this month, FIFA revealed “FIFA+ Acquire,” a brand new platform that can permit soccer followers to personal distinctive digital collectibles of probably the most iconic moments from FIFA World Cups matches. Per the current partnership, FIFA+ Acquire makes use of the Algorand blockchain to confirm proof of possession. The FIFA+ Acquire market went dwell Thursday, which can have contributed to ALGO’s rise alongside the recruitment announcement.
Elsewhere, different soccer-focused crypto choices are additionally outperforming the broader market. Chiliz, a blockchain that lets customers mint fan tokens for high European soccer golf equipment, has seen its native CHZ token soar within the lead-up to the FIFA World Cup in November. CHZ is up over 183% from its June lows, whereas fan tokens for golf equipment comparable to F.C. Barcelona and Manchester Metropolis have additionally produced notable features.
Whether or not Algorand will proceed to profit because the World Cup attracts nearer isn’t but clear. With such an unstable financial backdrop, property comparable to cryptocurrencies that occupy the far finish of the danger curve might be most susceptible within the occasion of a recession. Nonetheless, Algorand seems to be making a stable basis by bringing on high expertise and forging main partnerships. As such, it’s going to possible be well-positioned if the crypto market begins to recuperate sooner or later.
Disclosure: On the time of scripting this piece, the creator owned ETH, BTC, and a number of other different cryptocurrencies.