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Highlights
- Celo (CELO) is an open-sourced protocol that operates on the Proof-of-Stake (PoS) consensus.
- Celo allows anyone to send, receive or store stablecoins running on Celo, without actually holding it onto a wallet.
- According to CoinMarketCap, the CELO is trading at US $5.98 with a 24-hour trading volume of US $ 39,65,06,174.
Celo (CELO) is an open-sourced protocol that operates on the Proof-of-Stake (PoS) consensus. Designed to support stablecoins and tokenised assets, Celo focuses on increasing cryptocurrency adoption among smartphone users. Anyone can send, receive or store stablecoins running on Celo, without actually holding it onto a wallet.
Celo generally had a sedate start to 2021, but then it started spiking in late August, largely due to the interest and performance of the stablecoins. Celo made a huge jump from around US $1.70 in the beginning of January to US $4 in August. With the increase the number of investors and more buyers popping into the crypto, the cryptocurrency is turning out to be a favourite because of it user-friendly interface and with users finding it increasingly easier to transact through their mobile devices. Its integration on Coinbase and Binance platform gave it the impetus in the market to establish itself as a strong coin.
Also read: Are countries ready to accept Bitcoin as legal tender yet?
How does CELO work?
Celo network, creditability comes from fact that it allows the developers to develop decentralized applications (DApps) along with smart contracts. Launched in April 2020, Celo works as a cryptographic protocol network that are used for social payments in a decentralized manner.
Through forking of Ethereum, Celo network can bring forward some alterations which provides mobile support and scalability. Being ERC-20 compliant, the users will get access to the extensive Ethereum ecosystem including DEXs, as well as DeFi applications. Besides, users can take advantage of the Celo’s consensus mechanism to validate transactions and produce new blocks.
Also read: SHIBA Inu once again in demand, touches new highs
How has CELO faring in the market?
Celo runs on the native token CELO and is ranked 63 as per CoinMarketCap. According to CoinMarketCap, the CELO is trading at US $5.98 with a 24-hour trading volume of US $ 39,65,06,174. At the time of writing (BST 7:15 am), CELO was up by 13.73% in the last 24 hours. CELO currently has a live market cap of US $ 1,83,41,68,567 and has a circulating supply of 30,68,19,314 CELO coins.
CELO is an ideal form a strong investment candidate for those who are looking to invest in stablecoins. For investors who wants to stay clear of inflation, CELO could form a good investment option and with the recent performance of the stablecoins, it one of the strongest crypto coins going in the market. Market experts believe that CELO has the potential to grow to US $31.707 if the momentum in stablecoins continues, with a five-year projection expected to yield gains of +534.12%.
Conclusion
Celo comes across as a strong stablecoin with a potential to perform and give impressive returns to the holders. With the number of smartphone users and virtual currencies is increasing rapidly, Celo acts as a network which bridges the gap between mobile phones and digital currencies by assisting in the creation of smart contracts and DApps. With it having a strong investment growth potential, it is indeed a must-watch coin for the future.
