Launched a few months ago, CELO – the Celo project’s governance token – is fast becoming a prominent altcoin in the shifting crypto market. The asset is up around 300 percent from its $1.00 starting price. As of August 28, it is trading at $4.24.
The world of cryptocurrency has captivated us frequently. It has us standing still, more regularly, surprised by its development. Now, it appears like we’re back at that moment.
CELO, a currency in the Celo ecosystem that pushes smartphone users to embrace crypto acceptance, has risen over 50% in the last 24 hours. The coin trades today for $4.70, down from a 24-hour high of $4.99. Overall, the figure has increased by almost 55% in the last week.
All discord and telegram channels about the currency are currently overwhelmed with debate and fresh participants.
A pioneer in mobile DeFi, CELO has created a unique idea that encourages consumers to use smartphone crypto transactions easily. It utilizes telephone numbers in detail as public keys and does not need bank access for crypto commerce.
Proof-of-Stake (Pos) Token
The Celo network also enables users to build smart contracts and Dapps for DeFi. This year’s mainnet debut in April 2020 saw the platform develop and gain large-scale user and institutional backing.
What adds to its appeal is that CELO itself is a proof-of-stake (PoS) token. It is not only utilized for transaction fees, management, and maintenance of the Celo network. Moreover, Celo emerges as a first that combines ease of access with a lower-energy protocol, with more and more crypto networks migrating to a PoS-based system.
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