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Celo is outpacing most different property available in the market.
Celo Hits Three-Month Excessive
Celo, the Layer 1 blockchain targeted on “mobile-first” DeFi, is hovering.
The CELO token is up 22.7% at the moment and briefly hit a 12-week excessive of $5.22. It’s since cooled off, buying and selling at $4.87 at press time.
Per data from CoinGecko, CELO has jumped 68.8% within the final 14 days amid a brand new wave of momentum available in the market. Though it’s nonetheless round 50% off its August 2021 excessive, it’s is at present taking the lead in a market that’s displaying hints of returning to its former energy. A number of different Layer 1 tokens, akin to Solana, Terra, Avalanche, and NEAR, have additionally loved rallies in current weeks.
In contrast to most different main Layer 1 networks, Celo is hoping to usher in mass adoption for crypto sectors like DeFi and NFTs by optimizing for cell utility. One in all its main backers is Deutsche Telekom, and it’s additionally obtained funding from Andreessen Horowitz and different crypto-native corporations.
Whereas Celo has had an uptick over the previous few weeks, one purpose for the most recent surge could be the Celo Basis’s announcement of “Connect the World,” a $20 million fund aiming to enhance onramps and offramps for crypto customers. The muse is providing incentives to cost suppliers who combine its new FiatConnect service, which is able to assist customers convert fiat cash to crypto property.
The Celo Basis introduced the brand new fund on the primary day of Celo Join, a two-day convention that began Monday in Barcelona. The convention is principally focusing on the Layer 1 blockchain’s ecosystem, with different developments from the occasion, together with a brand new DAO partnership with PrimeDAO. The occasion wraps up at the moment.
Disclosure: On the time of writing, the writer of this piece owned NEAR, ETH, and several other different cryptocurrencies.
