CELO, native coin of the Celo ecosystem, jumped over 52% in the past 24 hours – The world of cryptocurrencies often has us mesmerized. More often than that, it has us standing still, amazed at its progress. Now, it seems we’re at that point again.
CELO, a native coin of the Celo ecosystem that encourages crypto adoption among smartphone users, jumped 52% in the past 24 hours. Today, at news time, the coin trades for $4.70, down from its 24-hour high of $4.99. Overall, it’s grown by over 55% in the past week.
All discord and telegram channels relating to the coin are now abuzz with discussion and new entrants. Most likely, the ‘pump’ has been the result of CELO tweeting this:
Bridging powered by Optics
It’s time for 🍣 !
— Celo 🔦 (@CeloOrg) August 28, 2021
So… What contributes to this explosive growth for the CELO?
Being a pioneer of mobile-first DeFi, CELO has brought home a unique concept that pushes easy crypto transacting access for smartphone users. In detail, it uses phone numbers as public keys and eliminates the need for banking access for the crypto trade.
The Celo network also lets users create smart contracts and DApps as part of its push towards DeFi. With its mainnet launched in April 2020, this year has seen the platform mature greatly while attracting large-scale user and institutional support.
Moreover, what adds to its attractiveness is that CELO in and of itself is a proof-of-stake (PoS) token. Not just this, but it is also used for transaction fees, governance, and upkeep of the Celo network. With more and more crypto networks moving to a PoS-based system, Celo emerges as a first that brings together ease of access as well as a less power-consuming protocol.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.