ALGO’s performance may lack this key component despite its best foot forward

ambcrypto.com:

Algorand [ALGO] may be in the midst of celebrating a moment. This is because Algorand witnessed significant growth in the DeFi space over the past week. The reason for this growth could be multiple sources of capital flowing into Algorand’s DeFi protocols.

However, there was more to celebrate. Coupled with the growth in the DeFi space, Algorand’s engagement on the social front also observed a significant uptick.

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Here’s AMBCrypto’s Price Prediction for Algorand for 2022-2023.

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Hivemind Capital, a crypto-focused investment firm, invested around $80 million into various Algorand DeFi projects. This could be considered a positive for Algorand’s growth.

As can be seen from the image below, Algorand’s total value locked (TVL) showed massive growth over the past couple of weeks and it grew by 51.75% in the last seven days. ALGO’s overall TVL stood at 266.08 million at the time of press.

Source: DefiLlama

Furthermore, ALGO’s growth in the DeFi space went hand-in-hand with Algorand’s growth on the social front. 

According to LunarCrush, a social media analytics firm, Algorand’s social mentions and engagements both grew respectively. At the time of writing, Algorand’s social mentions increased by 14.28% and its social engagements appreciated by 16.8% in the past seven days.

Algorand’s growth on the social front could have a positive impact on its prices going in the future. Additionally, another indicator of a possible bullish outlook for Algorand would be its increasing weighted sentiment. 

ALGO’s weighted sentiment grew massively over the past two weeks, indicating that the