Celo Price Surges 5% Following Praise from Vitalik Buterin for Surpassing Tron in Stablecoin Addresses

The Celo price has surged 5% in the last 24 hours to trade at $0.6732 as of 04:28 a.m. EST on trading volume that skyrocketed 174% to $283 million. Celo, an Ethereum scaling solution and global payment infrastructure, surged after co-founder Vitalik Buterin praised it on the X platform.

In his post, Buterin expressed excitement, saying:

“This is incredible to witness. Expanding global access to basic payments and financial services has always been a core mission for Ethereum, and it’s great to see Celo gaining momentum.”

This 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.

See also their recent posts:

* @Celo becoming an Ethereum L2: https://t.co/08U7G7q69s
*… https://t.co/Qq7vcmZ6e3

— vitalik.eth (@VitalikButerin) September 25, 2024

In addition, CoinGecko data indicated that CELO token ranked as the third-best performer of the day, trailing only Sei (SEI) and Mythos (MYTH), which saw gains of 23.9% and 23.5%, respectively.

Celo’s Growth and Transition Outpacing Tron, USDT Pre-minting

Blockchain data provider Artemis.xyz reported that in September 2024, Celo outpaced Tron in daily active addresses for stablecoin transactions. Additionally, analysts at Artemis highlighted that Tether pre-minted an extra $200 million in USDT on the network, signaling a potential increase in future demand.

In a related development, Buterin noted that Celo will be transitioning from its current status as a standalone Ethereum Virtual Machine (EVM). As a compatible layer 1 (L1) blockchain, Celo will become an Ethereum layer 2 (L2) solution. Additionally, this transition marks a significant shift from operating as an independent blockchain protocol to becoming a supplementary protocol designed to enhance network capabilities and integrate more closely with Ethereum.

We know the limitations of daily active addresses, so we are taking a deep dive into @Celo stablecoin transaction volumes.

-Transfer sizes across all buckets are growing, indicating its not addresses spamming the network making very small transactions pic.twitter.com/qlXGNjYxPX

— Artemis (@artemis__xyz) September 16, 2024

Celo’s recent success has attracted the attention of major stablecoin operators. Circle’s USD Coin (USDC) has now been integrated with the Celo blockchain, and the community is also preparing to vote on a proposal to use USDC as the ecosystem’s gas token.

Furthermore, applications like Minipay and Valora have played an important role in driving stablecoin adoption on the platform. Between its launch in 2023 and the end of the first half of 2024, Minipay has reportedly amassed three million activated wallets.

CELO Statistics

• Celo price: $0.6558
• Market capitalization: $359 million
• Trading volume: $263 million
• Circulation supply:563 million
• Total supply: 1 billion

Celo Price Aims for Bullish Trend Continuation

The CELO/USD 4-hour chart displays a strong bullish trend, highlighted by the golden cross where the 50-period moving average (yellow line) crossed above the 200-period moving average (green line). This is a positive signal indicating potential upward momentum.

After a sharp price increase from around $0.45 to $0.66, the price is currently consolidating near $0.65, suggesting a temporary pause as some traders may be taking profits. A support level also appears to have formed around $0.532, near the 50-period moving average, which could be a key level if the price pulls back.

Furthermore, the MACD supports the bullish trend, with the MACD line above the signal line and positive histogram values. However, the shrinking histogram suggests slowing momentum.

Additionally, the RSI at 71.45 indicates overbought conditions, increasing the chances of a short-term pullback or consolidation. The trend remains bullish, but overbought RSI and weakening MACD momentum suggest a retracement or consolidation near the $0.532 support level may occur before the next move up.