Algorand Foundation CEO says ‘we don’t think about price’
Algorand Foundation CEO Stacey Warden downplayed the importance of ALGO’s overwhelming performance, saying, “We’re not thinking about the price.”
in a recent interview real vision cryptoWarden put aside the relevance of price and instead emphasized the foundation’s success in attracting developers to the ecosystem and ensuring its success.
“There is currently a Cambrian explosion of builders in the ecosystem.
Algorand down 50% from 2023 peak
Algorand will start trading at $0.1721 in 2023 and hit a new all-time high of $0.30 by February 7.
The zone near $0.24 provided support and led to a rally, but failed to break out of $0.2913 two weeks later.
The downtrend then accelerated, reversing as market leader Bitcoin showed strength in the wake of the March banking crisis, turning sentiment in favor of physical assets over fiat currency adoption.
Nevertheless, this recovery has been somewhat dull, with the $0.24 zone support zone now acting as resistance, leading to three denials and further outflows triggered on April 17th.
At the time of writing, Algorand has fallen to $0.1507, down 50% from its 2023 high and, more importantly, a 38-month low, a level not seen since March 2020.
Additionally, the coin has fallen 96% from its all-time high of $3.56 reached on June 20, 2019.
CEO answers tough questions
and April SEC filing Against Bittrex, the Algorand Foundation and Algorand Inc have been charged with violating securities laws through common business and Howey Test profit expectations.
“These statements indicate that, throughout the relevant period, reasonable ALGO investors should expect that demand for ALGO will likely increase based on Algorand Corporation and the Algorand Foundation’s efforts to increase demand for Algorand technology, and that As a result, we now expect the price of ALGO to rise.”
during the interview, chief He said the enforcement action came as a surprise because the foundation is not based in the United States and ALGO is not issued within U.S. jurisdiction.
Regarding the MyAlgo Wallet hack that began around February, Warden said the foundation gave the company a grant but had nothing else to do with it. A forensic examination found no clues as to the cause of the hack, leading to a handover to the FBI.
Closing the interview, Warden said Algorand is a young ecosystem that is not focused on hype. Instead, they prefer to follow a “bottom-up strategy”, focusing on developers and protocols.