Algorand Price Surges 15% After Deal With FIFA

May 4, 2022 2:38 pm

It was just announced that Algorand will become the first official blockchain platform that will partner with FIFA where it will be a supporter for FIFA World Cup Qatar 2022.

As a result of this news, the price of its native token ALGO was recorded to have spiked by around 15% in just the span of 24 hours.

Currently, the total market cap of ALGO is therefore around $4.6 billion which makes it the 31st largest coin when measured by market cap.

The announcement of this partnership is seen as significant thanks to FIFA’s media exposure and advertising opportunities that will now be available for Algorand.

As a result, a much wider range of audience will now be exposed to the blockchain platform while the Algorand continues to explore ways to integrate the blockchain with the sports industry.

Blockworks.co reports:

The agreement comes after Algorand Foundation CEO Staci Warden told Blockworks in February the blockchain was seeking to bolster its marketing efforts by quadrupling the size of its community engagement team and expanding its developer relations unit.

“This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game,” Algorand Founder Silvio Micali said in a statement.

Switzerland-based FIFA, short for Fédération Internationale de Football Association, was founded in 1904 and is the international governing body of association football.

The organization hit a high of roughly $4.6 billion in revenue in 2018, according to Statista, due in part to its television broadcasting rights.

With this announcement, Algorand joins the likes of Crypto.com as one of the companies that have been able to achieve brand exposure at the World Cup.

FIFA has also commented that this partnership will serve as an innovative way for the organization to find ways to have sustainable revenue growth while focusing on the sport.

With the World Cup being the most watch sports even in the world, the after effects of ALGO adoption could be tremendous.

The World Cup event is expected to start in November in Qatar according to the current schedule.

CoinDesk shares:

Algorand’s native ALGO tokens surged more than 20% in the past 24 hours, CoinGecko data shows, with the bulk of the move occurring after the FIFA announcement.

Prices rose to as high as $0.73 from Monday’s $0.59, breaking resistance at the $0.60 level.

Resistance at the current level exists, price charts show, which coincides with the exhaustion in the current trend after Monday night’s run.

Futures activity showed a nominal $1.3 million in liquidations in the past 24 hours, suggesting the rally was primarily led by spot ALGO.

Some $867,000 in shorts, or bets against a price move upward, were liquidated.

As the industry continues to get disrupted by crypto and blockchain, investors see this as one of the first breakthroughs that will build the foundation for many to come.

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