Related Reading: Bitcoin Could Target $63,000 But Must First Clear This Vital Resistance Level The 61% decrease in quarterly revenue was also traced to a correction following ALGO’s 1,747% surge in Q1, driven by a one-day spike of 43 million transactions linked to the ORA memecoin project. However, on a year-over-year (YoY) basis, Algorand’s revenue saw a substantial 1,241% increase, climbing from $11,000 to $152,000.
Lastly, data shows that the market cap for stablecoins on Algorand increased by 15% QoQ, rising from $73 million to $85 million, primarily driven by a 32% increase in Circle’s USDC stablecoin market cap, which now accounts for 78% of the total stablecoin market cap on Algorand. Conversely, Tether’s USDT market cap dropped by 22%, making up 21% of Algorand’s stablecoin market share.
CoinGecko data shows that the token has seen a 14% price increase in the last two weeks and 12% in the last seven days alone. This has resulted in ALGO trading at $0.1357, just below its 200-day exponential moving average (EMA), marked by the yellow line on the ALGO/USDT daily chart below, which currently acts as a wall of resistance for the token.
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