Algorand Hack: A Buying Opportunity On Weakness?

Mar. 14, 2023 10:06 AM ETAlgorand USD (ALGO-USD)3 Comments


  • Algorand has not participated in the broad crypto rally to the degree some of the other alternative coins have.
  • The ALGO price is likely being hurt by a $9 million MyAlgo Wallet breach within the last couple weeks.
  • The breach was at the application layer and was not a problem on the chain itself.
  • TVL growth is strong despite declines in total daily transactions.
  • Looking for a helping hand in the market? Members of BlockChain Reaction get exclusive ideas and guidance to navigate any climate. Learn More »

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One of the most important utilities that a blockchain can have is smart contract operability. Given that, there are dozens of smart contract chains that have a top 100 market cap in the broad crypto market. Ethereum (

Since March 1st

Since March 1st (Seeking Alpha)


ALGO TVL (DeFi Llama)


Transactions (Algoexplorer)

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This article was written by

Mike Fay profile picture
Decoding digital assets and cryptocurrency research for serious investors.

5 years as a media research analyst. Mainly covering crypto, metal, and media equities. I share deep dives on under the radar digital assets through my Seeking Alpha investor group BlockChain Reaction - my approach to crypto coverage leans far more fundamental than technical. I believe the overwhelming majority of crypto coins will go to zero. However, I think there are many that will actually perform very well long term. Those are the assets I aim to help other investors find. 

Outside of Seeking Alpha, I write the Heretic Speculator newsletter where I share additional thoughts on finance with more of a social backdrop.

Disclosure: I/we have a beneficial long position in the shares of ALGO-USD, ETH-USD, BTC-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I'm not an investment advisor. I share what I do and why.

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