Browse Symbol Stacks: $ALGO: slopechart_$ALGO.jpg

Algorand and the Tale of Overhead Supply. 

Crankin' some due diligence for shits and giggles. If you think all crypto is garbage skip this and have a nice Sunday! 

Algorand appears to be a legitimate project, with investor backing and a real live team of programmers diligently working on it, so I have been sniffing around. Specifically was curious as to why Algorand didn't go absolutely bonkers this bull run. It did ok, but not near the spectacular shenanigans seen elsewhere in cryptopia. 

It initially sold at a price of $2.40 during its initial coin offering. Price was picked by the team and initial investors. As seen in this chart, that didn't work out so well. Things went so bad, that the Algorand team offered to buy back any Algos purchased back then at 85% of $2.40 in a public relations effort to stem the bloodshed. 25 million Algo came back to them at the time. I found this part of the tale intriguing as I have not heard any other crypto do something like this to rescue early retail buyers. 

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