Algorand
About Algorand
The price of Algorand (ALGO) is $0.13170655 today, as of Sep 19 03:13 p.m., with a 24-hour trading volume of $59.39M. Over the last 24 hours, the price has increased by 9.20%. Algorand currently has a circulating supply of 8.25B and a market cap of $1.09B.
Algorand (ALGO) is an open-source, payments-focused blockchain network that aims to solve one of the most persistent problems facing cryptocurrency: scalability. To do that, Algorand employs a novel, more scalable form of “proof-of-stake,” a consensus mechanism that’s critical for securing blockchains and making sure no one can create new tokens out of thin air that they didn’t earn.
The supply of Algorand’s native cryptocurrency, ALGO, is capped at 10 billion tokens, created at the time Algorand launched in 2019. Many of those coins are locked up and have yet to be distributed.
Some of the tokens have been allocated to the organizations that are developing the Algorand platform. The allocation includes the following:
- 2 billion (20%) of ALGO went to Algorand Inc., which reports in detail how it uses the funds on its website.
- 500 million (5%) of the total supply was allocated to the Algorand Foundation, which leads the development of the project.
There are three pools of the token that will be dispersed over time to users:
- An estimated 2.5 billion ALGO will be auctioned by the Algorand Foundation. Some 25 million ALGO were sold in Algorand’s initial coin offering.
- About 1.9 billion ALGO are set aside as rewards for participation in the Algorand network.
- Roughly 3.1 billion ALGO will be awarded to Algorand users running relay nodes early on.
ALGO’s price started at $2.19 when it launched in Jun 2019, but the price quickly dropped to as low as $0.19 in August 2019, according to market data provider CoinMarketCap. As the crypto market picked up again in 2020, ALGO’s price surged, reaching a peak of $1.71 in February 2020. ALGO’s price hit its all-time high of $2.37 in June 2021.