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A well-known crypto analyst claims that major Ethereum (ETH) rival Algorand (ALGO) is showing a number of worrying signs.
New YouTube video hosted by InvestAnswers cites research from crypto analytics firm Messari To tell His 444,000 subscribers mean that a major shareholder owns 99.7% of Algorand, a much higher percentage than other ETH rivals such as Solana (SOL).
“That’s kind of scary. Comparing it to something like Solana, the major shareholders own 30%. It’s going to be around 20%. And that’s equivalent to the current major holders of Ethereum. .”
The host also noted that Algorand has around 79,000 daily active users, which he said is “not bad.” But that doesn’t tell the whole story, according to analysts.
If you look at the trend over the last 12 months, its been flat To me, zero growth is a bad thing, especially in areas like crypto that are growing very fast and adopting very fast.
Additionally, the InvestAnswers host says Algorand inflation points to another potential downside.
Inflation as of September 2021 was 19.42%. Over the last 365 days, it was just 16%, which is high. Not the worst, but definitely far from the best.
ALGO is trading at $0.26 at the time of writing. The 30th largest crypto asset by market capitalization is up 7.51% over the past 24 hours.
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