I am probably missing something, but why does this subreddit likes ALGO so much? Please explain it to me because my own research suggests there are quite some downsides to ALGO

During the bear I want to do research on different projects. This week I am looking into ALGO, because historically it is one of the most popular projects here.

What I learned so far surprised me. On the one hand, the tech seems to be quite good and it is rather user friendly, but I also found a lot of downsides. Am I understanding this correctly:

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High inflation not compensated by staking rewards

• Algo has quite some inflation. Until 2030, 40% more ALGO will hit the market, until the cap of 10 billion is reached.
• From 1 January 2021 to 1 January 2022, there was a 533% increase in the amount of tokens in circulation. From 1 January 2022 to 2023, there was a 12% increase in the amount of tokens in circulation. So with the estimated staking reward of 6.6%, that is not a good deal.

Q: Does this mean ALGO is a better buy later when inflation is lower?

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1 January 2021

1 January 2022

1 January 2023

Relatively poor price action in recent years

• Price action has been lackluster relative to other projects. Algo’s ICO price was $2.40 per token. That spiked a little upon launch and quickly went down a lot. That $2.40 ICO price was barely reached in the 2020/2021 bull market and no new all time high was set during the bull.
• Then, it dropped 95% from all time high in the bear market of 2022, which is a lot more than other projects, even relative to meme coins like Doge and Shib.
• Even now, ALGO is only $0.25, after a 50% pump over the past 30 days.

Q: Why does ALGO see so much selling pressure? I read somewhere that the ALGO foundation and other early investors continuously sell a lot. But I dont know if thats true?

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Other potential downsides

• The CEO left on July 27, 2022, to persue other interests. He planned to be an advisor until somewhere this year and then will leave entirely.
• 96% of the holders are losing money if they sell at this price. To me that means lots of people are waiting to get out.

https://preview.redd.it/x28p4j3g7mea1.png?1261&format=png&auto=webp&s=4e4b593c33cf21acdb44be6e11be7bfd51436db7

• ALGO spent quite some money on advertising (by selling tokens to users), with the Fifa World Cup as the prime example. That did not really pay off. During 20 November to 18 December 2022 ALGO lost almost 40% of the value relative to Bitcoin (sell the news). Google Searches didnt really increase.

But, since lots of you hold ALGO, I am sure you know a lot more than me and want to see why my interpretation is wrong and learn more about your project.