Please bear with me as this is my first "real" On-Chain analysis.
Talking about bears, ALGO currently exhibits a bearish signal, characterized by a high percentage of large holders (76%) and a 0.59 correlation with Bitcoin. These factors indicate a negative trend in the token's performance. Additional important details include:
- Current Market Cap: ALGO's market capitalization stands at $1.23 billion, representing its current valuation in the market.
- 52-Week High: On May 20, 2022, ALGO reached its highest point in the past year, with a market capitalization of $3.05 billion.
- All-Time High: ALGO's all-time high occurred on November 12, 2021, reaching a market capitalization of $13.4 billion.
Token Holding and Whale Concentration: On average, ALGO tokens are held for approximately 8.3 months, suggesting a moderate holding period among investors. The presence of 18 whales, who hold 34.12% of ALGO, indicates a significant concentration of ownership among a select few.
Trading Volume and Exchanges: The primary exchanges facilitating ALGO trading are Binance, Fairdesk, and Bitmart, which command substantial trading volumes for the token. These exchanges play a significant role in the overall liquidity and market activity of ALGO.
Decrease in Telegram Community Engagement: Over time, the number of Telegram members associated with ALGO has experienced a notable decline. This decline in community engagement via Telegram may have implications for the project's reach and overall sentiment among investors and enthusiasts.
Retail Over time, there has been a noticeable increase in the number of Retail holders, while the number of whales has decreased. Interestingly, Retail holders have maintained a steady presence, while whales have been gaining ground over investors since May 2022. Show Less
