Though most-all digital assets have been hit hard by market downtrends over the past 24 hours, some have been hit harder than others, with Algorand’s well-known $ALGO token, slumping to never before seen lows of around $0.09, according to data from CoinMarketCap. This at a time when $BTC and $ETH were dipping below $26,000 and $1,600, respectively.

Gary Gensler on Algorand

Despite an apparent vendetta being carried out by Gary Gensler and the SEC against all things cryptocurrency, Gensler, in 2019, described the Algorand network as “a great technology that has performance”.

However, since then, Gensler and the SEC’s attitude towards Algorand appears to have shifted in dramatic fashion, with $ALGO being labeled as a security by the SEC during April’s charges against Bittrex. Further still, $ALGO has also been roped into lawsuits brought by the SEC against the world’s largest cryptocurrency exchange, Binance, in June this year. 

What is Algorand ($ALGO)?

Algorand is a public layer-1 blockchain aimed at addressing the scalability issues historically faced by the cryptocurrency industry. Launched in 2019, Algorand’s founder, Silvio Micali, is an MIT Turing Award winner, and is credited with major breakthroughs in cryptography.

Despite the network’s early promise, its native token, $ALGO, has never managed to reach price levels seen immediately after its launch some four years ago and, at time of writing, is trading at around $0.97, according to data from CoinMarketCap.