Algorand price explodes following FIFA World Cup’s sponsorship deal
- Algorand price posted double-digit gains overnight after FIFA announced its first official US blockchain sponsor.
- FIFA is set to create its own cryptocurrency strategy for issuing NFTs with the help of Algorand.
- Analysts predict a continuation of Algorand’s uptrend and believe the token could climb higher.
Algorand price breaks out in response to FIFA World Cup sponsorship news. This is the first time in a decade that the FIFA World Cup has an official blockchain sponsor from the US.
FIFA World Cup 2022 welcomes blockchain sponsor Algorand
The Algorand network has witnessed an explosive breakout as the project became Qatar's official blockchain technology partner of the 2022 FIFA World Cup. The deal also extends to the 2023 Women’s World Cup in Australia and New Zealand.
The smart contract platform’s role in the partnership is to assist FIFA in developing a digital strategy, NFTs and blockchain-supported wallet solution. The Algorand blockchain was chosen as sponsor since it prioritizes scalability and efficiency as a pure proof-of-stake, unlike most other protocols.
As the first US-based sponsor of the soccer World Cup since 2011, Algorand has shattered a decade-old record and hit a key milestone for its holders. The event is important as it is considered one of the most significant sporting events in the world, with over 1.1 billion people interacting with it, viewing or competing.
Proponents have evaluated the Algorand price chart and witnessed a double-digit gain overnight, wiping out losses from the past few weeks.
BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022
Analysts have set a target of $0.93 for Algorand price as the social and on-chain activity in the token explodes. @Pinnacle_Shail, a pseudonymous crypto trader, recommended followers to accumulate ALGO, revealing a bullish long-term outlook in Algorand price.
$Algo #Algorand
— Pinnacle_Shail (@Pinnacle_Shail) May 3, 2022
$0.7260
But now in spot & on every 25-30% drop add more
For long term hold
Long term= minimum 18-24-36 months#DYOR pic.twitter.com/eC5U3ZzUiD
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
