Up more than 30% in the past 24 hours, Celo (CCC:CELO-USD) is trading fast and furious ahead of a scheduled hard fork on Wednesday. Trading volume of nearly $300 million over the past 24 hours was up more than 780% as the cryptocurrency traded jaggedly higher on Monday.
Celo is a blockchain that allows users to send each other cryptocurrency using just a phone number, without the need for a cryptocurrency wallet. Essentially, users can text each other crypto payments.
The Celo blockchain hosts a number of stablecoins for transactions, including its own Celo Dollar (CCC:CUSD-USD). CELO-USD is a proof-of-stake token used primarily for transaction fees and governance.
Like the Ethereum (CCC:ETH-USD) blockchain, Celo supports smart contracts and decentralized apps (dApps), chief among them the platform’s own Valora app, which operates similarly to Paypal (NASDAQ:PYPL) subsidiary Venmo. Like many post-Ethereum cryptocurrency projects, Celo boasts a highly scalable architecture and minimal GAS fees.
The scheduled Donut hardfork increases network transaction efficiency and improves blockchain interoperability, along with some other more technical upgrades.
Investors will be keen to note that the hardfork comes with support for integrating Ethereum tools and wallets such as MetaMask. Furthermore, this update “will make interoperability much easier with other layer-1 projects” including Cosmos (CCC:ATOM-USD), NEAR (CCC:NEAR-USD) and Solana (CCC:SOL-USD).
Currently trading for $5.86, where does CELO-USD go from here? Let’s look at some Celo (CELO-USD) price predictions.
Celo (CELO-USD) Price Predictions
- Pick A Crypto currently has a very bullish projection that CELO-USD could reach anywhere from $15 to $40 in 2021. The site has a long-term Celo (CELO-USD) price prediction of $75 to $200 from 2022 to 2025.
- Gov Capital has a one-year Celo price prediction of $7.60 and a five-year forecast of $21.87.
- Wallet Investor has a CELO-USD price prediction of $8.84 in one year’s time and $27.74 after five years.
- Digital Coin Price has a Celo (CELO-USD) price prediction of $8.48 by the end of 2021. The site sees CELO-USD reaching $12.50 by 2023 and $25.77 by 2028.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.