Celo Token - CELO
Updated: Jun 21
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What is Celo Token (CELO) and how does it work?
Celo token (CELO) is an open-sourced Proof-of-Stake (PoS) based on the Celo blockchain designed to support tokenized assets and stablecoins like cUSD, cEUR and cREAL with a reserve-backed stability mechanism. The Celo network supports the development of smart contracts and DApps (decentralized applications). Its first one Celo Wallet, a blockchain solution aimed to enable people to send money through their mobile phones. Users can download the wallet from the Apple and Google play store, under the name Valora, and set it up with a few simple clicks.
Due to the ability to support stablecoins, Celo has grown in popularity as a solution for IDOs. Support for Celo on Polkastarter officially started with the first IDO: ImpactMarket, a solution used to enable any vulnerable community to implement poverty alleviation mechanisms, like Unconditional Basic Income. Through the Celo integration in the IDO, many more users will be able to access IDOs without paying huge gas fees, a major issue recent with Ethereum.
Overall, this integration into Polkastarter IDOs will improve liquidity and push community adoption further.
Another really positive news for the Celo community is the latest Kickstarter Celo integration. The crowdfunding platform wants to create its own Kickstarter Blockchain project on Celo, by moving its existing website to the new protocol. The New York-based company said they chose Celo due to its effort to minimise environmental impact and focus on global accessibility via mobile phones; which would allow them to reach a wider audience.
Last update 20/12/2021
Celo is continuing its downtrend, after touching ATH prices in September, although the recent Celo price might suggest a potential bottoming and bounce. The recent bounce has brought the price to $4 over the 20EMA on the daily, key level that if held, could see the price bouncing towards the next resistance level of $4.9/$5.
The Celo coin price prediction would suggest two scenarios, either a continuation upwards towards the next resistance or a bounce on the lower support at $3.50.
Most of the trade volume has come from Celo coin Binance pairs, but it can also be traded on Decentralised exchanges, such as Ubeswap. The coin price has shown major progress from its launch on Binance in early January 2021, reaching prices as high as $10.66, a 400% increase from its launch price of $2.50.
The launch price has been retested on several occasions since the start of the year and has held as a really solid bottom support level, suggesting it might be an ideal entry level for long-term holding.