Heat reaches its three-month high
Celo, the “mobile first” DeFi-focused Tier 1 blockchain, is skyrocketing.
The CELO token is up 22.7% today and briefly hit a 12-week high of $5.22. Since then, it has cooled off, trading at $4.87 at press time.
For data from CoinGecko , CELO jumped 68.8% in the last 14 days amid a new wave of market momentum. While it is still around 50% down from its August 2021 high, it is currently taking the lead in a market that is showing signs of returning to its previous strength. Several other Layer 1 tokens, such as Solana, Terra, Avalanche, and NEAR, have also enjoyed rallies in recent weeks.
Unlike most other major Layer 1 networks, Celo hopes to usher in the mass adoption of crypto sectors like DeFi and NFT by optimizing for mobile utility. One of its main sponsors is Deutsche Telekom and it has also received funding from Andreessen Horowitz and other native cryptocurrency companies.
While Celo has seen an increase in recent weeks, one reason for the latest increase could be the Celo Foundation’s announcement of “Connecting the World,” a $20 million fund that aims to improve access roads and offers for cryptocurrency users. The foundation offers incentives to payment service providers that integrate its new FiatConnect service, which will help users convert fiat money into cryptocurrencies.
The Celo Foundation announced the new fund on the first day of Celo Connect, a two-day conference that began Monday in Barcelona. The conference focuses primarily on the Layer 1 blockchain ecosystem, with other developments from the event including a new DAO partnership with PrimeDAO. The event ends today.