The Algorand cryptocurrency is losing even though the developers partnered with FIFA a few months ago. As a result, the Algorand logo was visible during some of the biggest matches at the World Cup in Qatar. Trends of slowing activity in decentralized finance, however, proved to weigh more heavily than the World Cup and caused de-fi crypto prices to drop:
- FIFA created its FIFA+ NFT using Algorand technology. However, early indications show that these investments have not gone as well as the company had hoped. As a result, the Algorand token has retreated to its lowest level in 2 years;
- Despite the partnership with FIFA and the marketing outlay for the World Cup in Qatar, Google Trends shows no significant change in Algorand search volume;
- The project is also struggling as investors focus on slowing activity in decentralized platforms. According to DeFi Lam's data, the total deposited investment (TVL) in Algorand was on a downward trend even during the World Cup. After reaching a TVL peak of more than $300 million, the current TVL for Algorand is around $160 million, down more than 23% over the past 30 days;
- On the positive side, Algorand has been selected by the Bank of Italy and other financial institutions to be the public blockchain that will support Italy's new digital security platform. The platform will be launched in early 2023. Once launched, it will be the first time a major EU member has authorized the use of blockchain in insurance guarantees.
Algorand chart, W1 interval. The price is approaching the historical minima near $0.16, from where a counter-arbitrageous upward impulse may be launched. Source: xStation5
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