Date: Wed, Sept 25, 2024, 06:58 AM GMT
Today, the cryptocurrency market witnessed a notable rise in the value of Celo (CELO), a scaling solution for Ethereum and a global payment infrastructure for cryptocurrencies. This surge came after Ethereum co-founder Vitalik Buterin shared his positive thoughts about Celo on the X platform.
He stated, âThis is amazing to see. Improving worldwide access to basic payments/finance has always been a key way that Ethereum can be good for the world, and it's great to see @Celo getting traction.â
This endorsement led to a remarkable rise of over 17% in $CELO price, bringing it to $0.6231, with a market capitalization of $41 million. Notably, trading volume skyrocketed by 371% today.
Source: Coinmarketcap
What Sparked Vitalikâs Praise for Celo?
Several factors have contributed to Celo's growing reputation and Vitalik's support:
1.Active User Base: Celo recently surpassed the TRON network in daily active addresses for stablecoin usage, indicating a thriving community of users.
Credits: Artemis
2.Growth in Transaction Sizes: The increase in transfer sizes across various transaction categories suggests that the network is seeing legitimate usage rather than spammy small transactions.
Credits: Artemis
3.Stablecoin Expansion: Over the past year, the supply of stablecoins on Celo has significantly increased, showcasing the platformâs growth and demand.
Credits: Artemis
4.Tether's Commitment: Tether has recently pre-minted an additional $200 million USDT on Celo, signaling expected future demand for stablecoins on the platform.
5.User-Friendly Applications: Apps like Minipay and Valora have been gaining traction, with Minipay reaching 1 million wallets within just five months of launching in 2023. By July 2024, it had over 3 million activated wallets, demonstrating strong user engagement.
With these developments, Celo is not only gaining recognition in the crypto space but also fulfilling its mission of enhancing access to financial services globally.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
