Celo (CELO) is a smartphone-based cryptocurrency where users’ contact number is a public key. It is built on blockchain technology, and smartphone users, who have access to internet data, can transact and exchange their Celo tokens.
Celo project also allows developers to build decentralized applications (DApps) by writing smart contracts on its platform, representing the importance of decentralized finance (DeFi).
The project went live through a mainnet, an independent blockchain, in April 2020.
The network runs two different crypto coins, namely CELO and Celo Dollar (CUSD). The former works as a gas fee transaction like a “proof-of-stake” coin, and the latter seeks to vibe in with other existing stablecoins like Tether (USDT) and Binance USD (BUSD).
Celo (CELO) & Celo USD (CUSD)
CELO is a crypto exchange-traded ERC-20 token that aims to enter the global payment infrastructure. The total number of blocks mined for this cryptocurrency stood at 7.37 million as of June 23. It has recorded 8.41 million transactions so far through its 766,500 mainnet addresses.
However, there is a big drawback. This crypto token cannot be transferred to Ethereum-based MetaMask wallet. Since Celo tokens work on independent blockchain, it can be a problematic factor for decentralized finance users. Celo has its own designed wallets that do not allow transfer of digital tokens to other blockchain-linked wallets and vice versa.
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On June 23, the CELO jumped more than 27 per cent in 24 hours on the back of a V-shaped recovery in the overall global crypto market.
Its one-day volume was 303 per cent up to US$ 86.5 million in the last 24 hours. As per the CoinMarketCap rating, the token is placed at the 94th spot. It has a current market cap of U$ 548 million with a circulating supply of around 46 million CELO tokens. It has capped a maximum supply of one billion coins.
Celo coin’s price predictions
The token began trading at US$2.50 apiece in May 2020. After a year of trading, Celo achieved a lifetime high of US$ 7.24 apiece in mid-May this year.
The token may go up from here as it gains more adoption among smartphone users along with rising demand for its stablecoin (CUSD) in payments. Crypto experts reckon its price could hit US$ 5 apiece in 2021.
How to buy Celo crypto tokens?
Celo tokens are listed on trading platforms Coinbase and Bittrex. Investors can buy and exchange the Celo coins with stablecoins and conventional currencies.
Please note: The above constitutes a preliminary view and any interest in stocks and cryptocurrencies should be evaluated further from an investment point of view.