• Algorand Foundation CEO Staci Warden played down the significance of ALGO’s underwhelming performance, saying, “We don’t think about price.”
• ALGO opened 2023 at $0.1721, experiencing a run that peaked at $0.30 by February 7 but has since dropped 50%.
• Warden highlighted the Foundation’s success in attracting developers to the ecosystem and ensuring their success.
Algorand’s Price Performance
Algorand opened 2023 at $0.1721, experiencing a run that peaked at $0.30 by February 7. The zone around $0.24 provided support, leading to a bounce that failed to break through $0.2913 two weeks later and was followed by an accelerated downtrend reversed as market leader Bitcoin showed strength off the back of the March banking crisis – with sentiment flipping in favor of hard assets, as opposed to fiat proliferation. Nonetheless, this recovery was somewhat muted, with the $0.24 zonal support zone now acting as resistance – leading to three rejections and a further spill that triggered on April 17 causing ALGO’s price to drop 50%. As of writing, Algorand had sunk to $0.1507 marking a significant decline from its peak earlier in the year.
Foundation Focuses on Developers
In light of this disappointing performance Algorand Foundation CEO Staci Warden addressed difficult questions regarding price and regulatory pressure during an interview with Real Vision Crypto instead focusing on the successes of recruiting developers onto its platform and ensuring their success once within it: „We are having a Cambrian explosion of builders on this ecosystem right now,“ said Warden „I will say we try to make sure that they have a good path to success.“
Regulatory Pressure
Warden also discussed how Algorand is dealing with regulatory pressure both in terms of complying with laws but also working towards creating better laws for blockchain technology: „We really do focus on helping regulators understand what we’re building and why it makes sense“ she said „And then trying to help them shape regulations so that they can properly protect consumers while still allowing innovation.“
Security
Finally Warden touched upon issues surrounding security pointing out that Alogrand has more than doubled its investment into security over the past year hiring industry-leading experts for their teams: „The most important thing for us is making sure people can trust our network“ she said „So doubling down on security every single day makes sure people are going to be successful when they build applications.“
Conclusion
Overall while Alogrand’s current performance may be underwhelming it appears clear that its focus continues to be firmly rooted in enabling developers access into its ecosystem and providing them with all necessary tools such as compliance education and security measures for them not only join but remain successful within it regardless of short term fluctuations in price or external pressures from regulators or other actors