Celo Price Prediction
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Table of Contents
Celo Fundamental Analysis
CELO is a utility and governance token powering Celo network – a DeFi project dedicated to improving user experience while transferring crypto, especially on the mobile phone. Celo runs on its own independent blockchain, which went live in April 2020.
Celo supports a growing family of stablecoins like cUSD and cEUR, pegged to the values of USD and EUR respectively via an oracle. Celo wallet works by allowing a user to utilize their phone number as a public key substitute for their account, and as a result, to transfer funds essentially by “texting” them to a recipient number. This scheme is suitable not only for people who aren’t up to speed on the intricacies of crypto usage (which is, let’s be honest, most people) but also for those who for some reason can’t use more conventional means of transferring money on the go on their mobile, be it a banking app or a third-party app like Venmo. It’s also, obviously, a great solution for the people who don’t have a bank account at all (the number of whom may be as much as 1,7 billion worldwide).
CELO token is used for voting for various governance purposes, for staking, since Celo Network uses Proof-of-Stake protocol, and for transaction fees. Note that as a user- and mobile-friendly project, Celo features automatic fee calculation and accepts payments in any supported stablecoin.
Celo Live Price Chart
CELO token entered the market in May 2020 to see surprisingly little volatility, falling from ~$2.5 to ~$1.5 at first, but then consolidating around ~$1.8 for the next couple of months. In late summer or 2020, as general interest in DeFi grew, the CELO price rose almost to $4.5. This was followed by a downturn, but it wasn’t very steep: until January 2021, CELO was mostly trading at a previous level of ~$1.7-$1.8. Keeping with the general trend, CELO began the new 2021 year with a bull run, reaching an all-time high of $7.24 on April 21. The price went down hard in mid-May, around the time of a hard fork, which probably added enough uncertainty to make investors nervous, and reached a record low of ~$0.8 on May 22. After that, though, the project not only kept working well, but had some exciting announcements, for example, a confirmation of support from Andreessen Horowitz or a new partnership with Opera. This helped CELO’s price rally to ~$4.7 level in late June. However, in July CELO might be going into another downturn, but there’s no certainty about its immediate future yet.
