Celo rallies 50% as excitement builds for the upcoming 'Donut' hardfork
May 18, 2021. Summarized by summa-bot.
Compression ratio: 49.6%. 1 min read.
CELO price gained 50% ahead of the network’s May 19 'Donut’ hardfork which will help increase interoperability and lower gas fees.
Data from Cointelegraph Markets Pro and TradingView shows that the price of CELO rallied 50% from a low of $4. 29 late on May 16 to an intraday high at $6. 70 on May 18 on the back of a 740% surge in 24-hour trading volume.
A quick scroll through the project’s twitter feed shows that excitement in the Celo community has been building in recent weeks due to the upcoming ‘Donut’ hardfork that is scheduled for May 19.
Donut is the first of many hardforks that will be planned for Celo, and the first hardfork of the new generation layer-1 Proof-of-Stake networks such as NEAR, Solana, and Polkadot.
Bullish momentum for CELO was picked up in the VORTECS™ data from Cointelegraph Markets Pro, which began to detect a positive outlook for the token on May 13, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
With DeFi still in its infancy and interoperability arising as a go-to feature for any network with long-term aspirations, Celo appears well-positioned to experience further growth and token appreciation thanks to its focus on catering to smartphone users and aiming to make interacting with DeFi globally accessible and user friendly.