The true story of what Algorand [ALGO] investors are doing in anticipation of rally

ambcrypto.com:

Algorand investors are, in the truest sense, absolutely unpredictable because when investors of every other cryptocurrency were moving away from their investments, ALGO holders were heading headfirst into the asset. This, despite the altcoin itself treading the abyss.

At the time of writing, Algorand was trading at $0.38. The last time the altcoin was at this level was 16 months ago, back in February 2021.

If this was the case with any other cryptocurrency, the network would see a decline in the presence of its holders. Algorand, however, might just be the exception to the rule. 

Algorand price action | Source: TradingView – AMBCrypto

According to on-chain data, ALGO is somehow attracting more investors towards it. In fact, the network saw the arrival of 1.1 million new addresses in the week before the crash.

Although these were new investors, for Algorand, this is a mere recovery as the network had already lost 10.6 million holders. This figure accounted for 65% of all ALGO addresses.

Algorand investors | Source: Intotheblock – AMBCrypto

Over the same time period, there were activity spikes as well. Between 2 May and 8 May, for instance, over 350k investors were actively participating on-chain.

This was a 1,160% hike from the average figure of 28k, which also suddenly disappeared as the market crashed.

Algorand active investors | Source: Intotheblock – AMBCrypto

During the crash, ALGO, along with the rest of the market, was also knocked down. Here, the altcoin ended up losing almost 52% of its value. However, it seems like as the tides are changing. Investors are also anticipating profits in the coming few weeks.

At the time of writing, more than 60k addresses were active on-chain, with the same rising since the end of May.