From May 4 to May 10, 2022, 1.392 million new wallets were created on Algorand. Let's see what were they up to!

Q1: The Distribution of ALGOs

From the following histogram, we can see that the 99.8% of the wallets created the said period, only kept an insignificant amount of 0-100 ALGOs, the Algorand's native token.

Q2: What Assets are these Wallets Swapping for?

The new wallets mainly swapped their assets with USDC, an stable coin that is pegged to a dollar. This seems logical, since during the week of May 4 to May 10, because of the market crash holders decided to swap to an assets that is less volatile. The second most swapped-to asset was ALGO it self. This might be because of those who staked their ALGO and received gALGO3, decided to take their original asset back and liquidate it.

Q3: What Assets do these Wallets Hold?

The asset that absorbed the most number of holders was Xfinite Entertainment Token. Xfinite Entertainment Token is an Algorand Standard Asset, focused on creating an entertainment ecosystem. So, it is not a surprise that many holders decided to hold it, since Xfinite has ownership tiers and holders can use different services based on the amount they use.

Outline

For this question, we are trying to understand the behavior of those wallets that were created from May 4 to May 10 of 2022. During this time we saw a boom in the number of wallets created. This was the time where the whole crypto market experience a crash. Notably, Terra LUNA coin, lost almost all of its value.

We talk about behavioral patterns in each section.

The following pie chart shows that 50% of the swaps performed in Algorand was either a swap to USDC or ALGO. The other assets absorbed a far less attention. Yet another sign for fear of crashing market.