Algorand a seemingly lesser-known cryptocurrency has been raging for the past few days as the blockchain is looking to compete with the king of DeFi blockchain, Ethereum. Its token ALGO has been making substantial gains in the midst of a smart contract-battle with Ethereum, and Cardano.
But it looks like this new development could push it to the top.
Over the last week, this altcoin has risen by 101%. Its single-day rise on September 8 alone, was about 50%. This placed the coin’s price up from $1.1 to $2.1 in merely 7 days.
A huge reason behind this jump was the partnership of El Salvador’s government with Koibanx. This partnership will enable Koibanx to build the government’s blockchain infrastructure on the Algorand network.
