Algorand (ALGO) Gets An Injection Of Funds Of IDR 386 Billion From Hivemind Capital

Algorand received an injection of funds from investment companies. (Photo; Doc. Coinbalina)

JAKARTA Algorand (ALGO) an environmentally friendly blockchain layer-1 platform received an injection of funds from Hivemind Capital of US$25 million (equivalent to Rp386 billion) for the decentralized finance program (DeFi) in the ALGO network. The injection of funds has triggered increased activity in the DeFi.

Based on the announcement on October 14, Hivemind Capital deployed 80 million ALGO tokens to various DeFi and governance programs throughout the Algorand ecosystem. At the current price of 0.32 US dollars per ALGO token, Hivemind's investment exceeds 25 million US dollars. The announcement of venture capital firms highlights its commitment to support and build a dynamic DeFi ecosystem in Algorand.

According to reports, Algorand's social activity jumped 1.220 percent over the past seven days, as it peaked at 12.78 million, according to data shared by crypto social intelligence firm LunarCrush. LunarCrush noted that the surge in social engagement meant ALGO attracted curiosity from most of the cryptocurrency community.

"Alpha: When you look at the surge in social activity, it usually means that there is something that needs to be considered... The $ALGO social engagement measured per hour reaches 12.87 million, 1.22 thousand% above the 7-day average," wrote the announcement on the Twitter account LunarCrush (@LunarCrush), October 16, 2022.

According to a DailyCoin report, the total value of the locked or TVL in the DeFi Algorand app has reached a new all-time high (ATH), surpassing $274 million. According to data shared by DeFiLlama, TVL in Algorand has bounced 53.95 percent over the past seven days. This new push also benefits a number of Algorand blockchain-based DeFi protocols.

In addition, the decentralized exchange (DEX) based on Algorand, including Pact and airman, has soared to double digits on TVL for the past 24 hours alone. AlgoFi, a lending protocol that allows users to lend various Algorand-based cryptocurrencies to earn interest, jumped 16.82 percent.

Based on Coingecko data, the price of ALGO tokens at the time of writing is trading at IDR 5,079. The price has increased by 2.3 percent in the last 24 hours. Meanwhile, the highest price for ALGO tokens was at IDR 50,402, which was set on June 20, 2019.