 price has risen steeply and surged 30% in the last 48 hours. This can be attributed to increased stablecoin usage, especially in Africa){kind=link}
- Celo’s stablecoin acceptance has pushed the market confidence.
- Celo outperforms Tron in terms of daily active stablecoin addresses.
Celo (CELO) price has risen steeply and surged 30% in the last 48 hours. This can be attributed to increased stablecoin usage, especially in Africa, and increased trader interaction.
With a massive surge of over 130% in trading volume, the CELO price has exceeded the upsurge. It has crossed the resistance barrier of $0.6000, recording a breakout.
Alongside the price surge, the Open Interest (OI) has risen by 13.20% to $35.20 Million. This conveyed the rising demand for long positions.
CELO price analysis and market activity insights
CELO surged higher and saw a massive price pump of over 30% in the last 48 hours, $0.6359 at press time. It recorded a double-bottom pattern breakout in the recent trading sessions and surpassed the key EMAs.
Its market cap was $347.53 Million and positioned as the 161st largest crypto. The average daily trading volume increased by 1168.73% to $170.1 Million, demonstrating increased market activity.
CELO Adoption Accelerates Across the African Continent
Another factor influencing the acceptance of CELO is the rise in stablecoin adoption, particularly in Africa.
MiniPay and Valora are some applications that have boosted the stablecoin supply by 75% over the last three months. Now, Celo has more than 292 million USDT stablecoins, and more than 68 million transactions were made during that time.
Most of the activity is attributed to Unsiwap, one of the biggest applications on the Celo platform. Unsiwap contributed more than 43% percent of Celo’s network traffic in September, to be specific. Therefore, it is vital to improve liquidity and involve users with such a platform.
CELO Overtakes TRON in Active Addresses: A New Leader Emerges
On X, reports from Artemis noted that Celo had already moved ahead of TRON Network regarding daily active addresses. According to Artemis, increased active addresses are due to the utilization of Celo in financial applications, particularly in Africa.
Ethereum co-founder Vitalik Buterin also supported Celo. He agreed that it could improve payment and financial services at the world level.
Buterin admitted that Celo aligned with Ethereum and its transformations into an Ethereum Layer 2 blockchain. This shift is anticipated to improve security, organization, and communication and move Celo closer to becoming a significant DeFi platform.
CELO Transitions to Ethereum Layer 2: Key Implications
Integrating Celo into the Ethereum Layer 2 (L2) is one of its significant tasks to increase financial inclusion. Therefore, as more users start approaching Celo to stake their stablecoins, Celo intends to interact more with the Ethereum network. It will enable cross-chain transfers, which, in turn, will protect its users.
This move is also made when growing consideration is given to using stablecoins. Tether has recently pre-minted $200 Million USDT on Celo. This again favors Celo in attracting more market share of the stablecoins.
However, Celo is relatively optimistic regarding potential with the gradually increasing usage and growing stablecoin traffic. The TRON network would need to gain more ground to remain relevant in this rapidly progressing market.
TRON Price Takes a Slight Hit
While the CELO price surged, TRON slightly declined over the same period. It dropped by 0.78% to $0.1545. Its market cap fell by 0.23% to $13.38 Billion.
However, the altcoin found support at the lower levels and noted a rebound over the last 24 hours.
What’s Next for CELO and TRON: A Future Outlook
The high price increase is one of the brilliant aspects the Celo platform has achieved within a relatively short interval. It may experience further growth due to its shift to Ethereum Layer 2 and increased usage of the native token in Africa.
Overall, Celo is a platform that would ideally have good long-term potential due to the higher rate of stablecoin adoption.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
