Algorithms in Mastodon are rather unlikely, for a couple of reasons.

1. There is no central view. Your home instance could only work on what it can see, so either toots originating there or by someone followed from it.
2. The dev behind Mastodon already stated he doesn’t want algorithms.

I personally like it that way. I prefer that it feels like a Social Network, not something harvesting my attention. My algorithm for finding new accounts to follow are the recommendations of those I’m already following based on their retoots, as I trust that judgement more than that of some unclear algorithm that can be played by clever keywords.