The current price of Algorand is $0.34420. Since 00:00 UTC, Algorand has decreased by -1.04%. It currently has a circulating supply of 8,334,778,827 ALGO and a maximum supply of 10,000,000,000 ALGO, giving it a fully diluted market cap of $2.88B. At present, the Algorand coin holds the 40 position in market cap rankings. The Algorand/USD price is updated in real-time.
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Algorand is a decentralized blockchain network that aims to solve the blockchain trilemma by providing a secure, scalable, and fully decentralized network. Furthermore, because the source code of the Algorand blockchain is entirely open source and permissionless, the network is designed to be accessible and provide an ideal environment for developers to deploy decentralized applications (DApps) rapidly.
The Algorand blockchain is secured by an innovative Pure-Proof-of-Stake (PPoS) consensus mechanism. This gives Algorand the necessary processing power to execute over 1,000 transactions per second. Moreover, the Algorand network benefits from low gas fees, making it user-friendly.
One of the unique benefits of Algorand over other blockchains is that ALGO holders can earn rewards without needing to stake their ALGO tokens due to its unique consensus mechanism. Instead, rewards are automatically distributed to holders via the chain's PPoS consensus model. Hence, many traders consider Algorand an excellent blockchain for the mass adoption of cryptocurrency.
ALGO is the utility and governance token of the Algorand blockchain. ALGO is required to pay gas fees when completing on-chain transactions and is used to vote on essential governance proposals regarding the development of the Algorand blockchain. In 2020, it was announced that the Marshallese sovereign (SOV), which could become the first state-backed digital currency to enter circulation, would be built using the Algorand protocol. SOV is a blockchain-based currency and the new legal tender of the Republic of the Marshall Islands. SOV could become the first state-backed digital currency to enter circulation and is being built using the Algorand protocol by SFB Technologies.
ALGO price and tokenomics
The current circulating supply of ALGO tokens is approximately 7.07 billion tokens. This represents roughly 70 percent of the total ALGO supply of 10 billion tokens. The Algorand Foundation holds the remaining ALGO tokens in secure wallets. The Foundation aims to enable an inclusive, borderless global economy through Algorand's blockchain technology.
1,757.26 million tokens are allocated to community and governance rewards, 1,176.05 million tokens are distributed to ecosystem support, and 363 million tokens are channeled towards foundation endowment. Seed and presale round investors could sell their ALGO token allocation back to the Algorand Foundation at 90 percent of the initial purchase price.
These tokens were then burnt by the team, effectively reducing the supply. This deflationary mechanic was intended to increase token scarcity and drive appreciation to Algorand's price. In June 2019, via a Dutch auction, Algorand raised over $60 million in the public sale of its native token ALGO. The company sold 25 million tokens in less than 4 hours.
About the founders
Algorand was founded by Silvio Micali, the co-inventor of probabilistic encryption, zero-knowledge proofs, verifiable random functions, and other protocols that heavily contribute to modern cryptography. In 2017, Micali founded Algorand, overseeing all research, including theory, security, and crypto finance. He also received the Turing Award for computer science, the Gödel Prize for theoretical computer science, and the RSA prize in cryptography.
Since 1983, Micali has been a faculty member at the Massachusetts Institute of Technology (MIT) in the electrical engineering and computer science department. His research interests include cryptography, zero knowledge, pseudorandom generation, secure protocols, mechanism design, and blockchain.
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Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 7.5K new posts about Algorand, driven by 701 contributors, and total online engagement reached 3.3M social interactions. The sentiment score for Algorand currently stands at 85%. Compared to all cryptocurrencies, post volume for Algorand currently ranks at 766. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Algorand.
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Posts
7,471
Contributors
701
Interactions
3,304,030
Sentiment
85%
Volume rank
#766
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Posts
7,125
Interactions
3,249,111
Sentiment
85%
ALGO FAQ
What is Algorand?
Algorand is a decentralized blockchain network capable of executing smart contracts. Algorand's low fees, rapid finality, and high transaction throughput have attracted interest from several nations looking for central bank digital currency (CBDC) solutions.
Should I purchase ALGO?
At OKX, we advise you to research any cryptocurrency before trading. Cryptocurrency is deemed a high-risk asset and prone to sharp price movements. Therefore, we ask that you only buy what you are willing to lose. Furthermore, like all cryptocurrencies, ALGO is volatile and carries risks. Therefore, before purchasing, you should do your own research (DYOR) and evaluate your risk appetite before proceeding.
What is the ALGO price prediction?
While it’s challenging to predict the exact future price of ALGO, you can combine various methods like technical analysis, market trends, and historical data to make informed decisions.
How much is Algorand worth today?
Currently, one Algorand is worth $0.34420. For answers and insight into Algorand's price action, you're in the right place. Explore the latest Algorand charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Algorand, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Algorand have been created as well.
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