Algorand’s ALGO token has seen a sharp decline in value, dropping to an all-time low of $0.08846 last Thursday. This is largely due to the SEC’s classification of the token as a security, which has caused investor hesitation and a decrease in demand. Additionally, the MyAlgo wallet hack in March resulted in losses of over $10 million, further damaging investor confidence. Despite the falling value of ALGO, Algorand Foundation CEO Staci Warden remains optimistic, believing that the network’s ability to continue attracting developers is a positive sign for its future.DeFi activity on the Algorand network has also been affected, with the total value of assets locked on the blockchain falling to less than $50 million after peaking at more than $200 million in February. This is partly due to the closure of Algofi, the network’s largest DeFi protocol, which contributed over 50% of Algorand’s DeFi activity. The sudden closure of Algofi has caused a decrease in confidence in other protocols, making it difficult for them to attract new users.
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | negative |
| Relevance Score | 8 |
| People | Staci Warden, SEC, MyAlgo, Algofi, DeFillama |
| Currencies | ALGO, Bitcoin, Ethereum, USD, None |
| Securities | None |
