Algorand Explorer Powered By ChatGPT launched, Will ALGO Find Reprieve From Aggressive Sellers?

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GoPlausible, a team of developers building tools for people to create and use Algorand, has launched AlgorandExplorer. This explorer fuses the capabilities of ChatGPT to ease interaction with the public, proof-of-stake blockchain. Algorand is a smart contract platform similar to Ethereum, allowing users to deploy decentralized applications (dapps).

In a Medium post on October 10, the team said the plugin aims to solve challenges facing Algorand indexers and eventually simplify exploring the smart contract platform. Ordinarily, users rely on indexers through which users can search and query the blockchain. This is because indexers have to create a searchable database holding all data, such as transactions, blocks, and more.

Besides offering an interface for users to explore Algorand, the AlgorandExplorer supports “semantic conversational searches, enriching data with logs and related transactions,” allowing on-chain searches to “reason with data” more effectively. The explorer will integrate a language translation tool, meaning users from across the globe can explore Algorand using their native language. 

Still, the AlgorandExplorer is under development. Eventually, in the coming version, the GoPlausible plans to include more enhancements, including Algorand Request for Comments (ARCs) and technical documentation. 

Algorand is far from the only platform investing in AI; a few months ago, Solana announced their integration of a ChatGPT plugin focused on non-fungible tokens (NFTs). The plugin, the foundation said, facilitates the buying and listing of NFTs. At the same time, it can interpret data and find the floor price of NFT collections listed on the blockchain. The floor price is the lowest price an NFT in a given collection can be sold.

The ALGO Sell-Off Continues: Will Prices Sink To New Lows?

While the move by the Algorand Foundation could see more users explore and analyze transactions on the smart contract platform, there has been no significant impact on prices. The ALGO sell-off was made worse by allegations made by the United States Securities and Exchange Commission (SEC) in June that ALGO and other coins, including Axie Infinity (AXS) and Cardano (ADA), are unregistered securities. 

Presently, ALGO remains under pressure, consolidating within a tight range defined by the sell-off recorded in August. Based on that formation, the coin is technically bearish and trending within the bear bar of August 17, a bearish engulfing bar that had high trading volume. 

Algorand price on October 11| Source: ALGOUSDT on Binance, TradingView
Algorand price on October 11| Source: ALGOUSDT on Binance, TradingView

Thus far, looking at trackers, the coin is down by over 70% in the past year of trading. From the daily chart, ALGO is also edging lower, wiping gains posted in the first week of October.

Technically, ALGO is edging closer to all-time lows registered in August, a net negative. The primary supports remain at $0.08. If broken in Q4 2023, the odds of ALGO sinking even lower, completely reversing gains of 2021, will be on the table.

Feature image from Canva, chart from TradingView

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