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 $0.326 before correcting sharply. A sudden spate of buying on Wednesday briefly made the token overbought, as its Relative Strength Index (RSI) climbed well above 70, but this has now cooled.
Diversify Algorand and Layer 1 Holdings with Meme Coins
For many small-cap coin investors, Layer 1s are a natural investment choice. That’s where the most utility is, thanks to self-fulfilling smart contracts, that have helped these networks build wealthy ecosystems with a staggering array of dApps and coins.
However, Layer 1s are naturally slow movers. They tend to track the price movements of market leaders Bitcoin and Ethereum. As such, established projects like Algorand can miss out on some of the industry’s more explosive gold rushes.
That’s why one fun and risky strategy is to diversify portfolios with meme coins.
New meme coins, in particular, are likely to draw a crowd. One such meme coin has already caused a sensation: Solana’s stoner sloth, Slothana ($SLOTH).
🎬🌵 Are you feeling lucky, sloths? 🎰 With just 3 days left in the presale, it's time to saddle up and make your move. Are you gonna sit there, or are you gonna join the ride to the moon with Slothana? The choice is yours. Make it count. 🔥🦥 #Slothana #memecoins pic.twitter.com/lnyqisy2EB
— Slothana (@SlothanaCoin) April 25, 2024
Slothana has raised over $15 million in his ICO as traders flocked to the coin hoping to catch some of the early price booms of other Solana meme legends that have posted blistering returns recently, like Slerfs, DogWifHat and Bonk.
There are less than four days left to join the $SLOTH presale. To do so, investors need a funded SOL wallet to use the contribution widget on the Slothana website.
At its current price, 1 SOL token buys 10,000 $SLOTH. A steal for any investor that sees the upside potential in blockchain’s highest sloth.
