Since early 2022, the Algorand (ALGO) blockchain has added over 6 million new accounts to its network. This shows that investors have an appetite for the crypto asset and believe in its potential.
The total number of Algorand accounts at the turn of the year was 17,373,299. Now that number is 23,548,065, according to AlgoExplorer data. This is a 35% increase since the beginning of the year.
Algorand adds over 6 million new accounts in 2022
According to expert Ana Nichenko, one of the reasons for this huge growth in interest in ALGO could be the major technical upgrade of the network that will allow Algorand-based products to operate on other blockchains and in low-power environments such as cell phones and smartwatches.
In addition, she highlighted that Algorand also expects the introduction of the London Bridge, a bridge to connect the platform to Ethereum. For this, software development company Applied Blockchain received a grant from the Algorand Foundation in February 2022.
“It’s also worth mentioning that the Algorand Foundation itself got a new CEO a few days before the grant was announced. It is none other than former JPMorgan executive Staci Warden. She brought tremendous experience from her engagements at Nasdaq, the United States Department of the Treasury and the Milken Institute,” she said.
Yet another factor that may have boosted Algorand is the integration of ALGO into Grayscale Investments’ assets.
“Remarkably, Algorand had already started the year off on the right foot, even before the Grayscale news. Anthony Scaramucci, founder of alternative investment firm SkyBridge Capital and former White House communications director, praised Algorand, envisioning its future as ‘the Google of cryptocurrencies,'” Nichenko pointed out.
However, ALGO, in the short term, could not resist the selling pressure of the crypto market. This is because, at this moment, the token has registered a drop of 13% in the last 7 days.