There are two cryptocurrencies that have become all the rage for their huge increases in recent days. The first of these is the cryptocurrency CELO, which rose 154 percent this Monday, August 30, going from costing just over 4.2 dollars to reaching a maximum of 10.9. From there, a setback began, and is with a 109 percent rise at 12 o’clock in Argentina. On the other hand, there is the MBOX cryptocurrency, which registers a rise of more than 420 percent in the last 3 weeks.
What is CELO?
Celo is a chain of blocks or “blockchain” like the Binance Smart Chain, whose objective is to facilitate access to cryptocurrencies through cell phones. Many people have smartphones and many of those people use applications to store their cryptocurrencies, as digital “wallets” to easily send money to friends and other users. But these applications are centralized organizations that have a lot of power over the limitations of your accounts and transactions.
Celo, on the other hand, is decentralized, which means that the user always has full control of cryptocurrencies, as well as responsibility for them. The benefit of using centralized applications is that they are very easy to use. Venmo, for example, can be quickly set up without even connecting it to a bank account.
Why is it going up so high?
Although the vast majority of altcoins are usually in tune with Bitcoin, they do not always move in tune with the main cryptocurrency; a clear example of this has been the movements of CELO in recent days. While Bitcoin is correcting its prices, CELO does not stop rising.
It should be noted that the cryptocurrency that seeks to create a decentralized payment solution for mobile phones has been well accepted in the international market since its launch in 2020. However, in 2021, with the integration in Binance and other renowned exchanges, it achieved greater exposure to the investing public, thus increasing its demand and price. Facts that led to the rise in the price of CELO. This is the first reason that drove crypto.
However, currently, more than its relevance in exchanges It has also been adopted by companies, increasing its exposure and the investors who know it. The most recent was Deutsche Telekom. The report highlights that they have a large amount of money invested in the token, and that they plan to continue increasing their investment, and that they will own the tokens in the long term on the Coinbase exchange.
On the other hand, PayU, an important payment gateway, highlighted on August 24 that they will begin to use the CELO blockchain for a new project that will be carried out in the coming months.
Although both factors were crucial for the rise of the cryptocurrency in these weeks, the main impulse produced today was not given by the adoption of the token by companies, nor by its acceptance in exchanges.
Today, Celo launched a $ 100 million fund to support the world’s adoption of decentralized finance (defi). A few hours ago, a consortium of major Ethereum defi projects announced “DeFi for the People,” a collaboration of global crypto organizations united by a common goal: to bring DeFi to the 6 billion smartphone users around the world. .
Built on Celo, the new initiative counts AAVE, Curve, Sushi, PoolTogether, 0x, UMA, Valora, Ubeswap and Moola Market among its founding partners. Education and infrastructure partners include Chainlink, RabbitHole, The Graph, and Wrapped.com. This new program will offer more than $ 100 million in educational initiatives, grants, and incentives.
With so many networks focused on the common good, creating a multi-million dollar project on the Celo blockchain, the fundamentals of cryptocurrency achieved that momentum it lacked to finally take off. Despite today having generated a maximum rise of 150 percent, the price of the cryptocurrency had already risen by that same magnitude this month, so the total accumulated up to that maximum is 300 percent so far this month.
The co-founder of Celo, Rene Reinsberg, He said, “DeFi for the People aims to make DeFi accessible to everyone by empowering real-world use cases and focusing on mobile device adoption first,” adding, “We are excited to collaborate on the most important projects. on DeFi to bring more than 1 billion new users to the DeFi ecosystem over the next five years. “
What is Mobox?
Mobox is a decentralized finance gambling and farming (NFT) platform that operates on the Binance Smart Chain network. MBOX is the native token of the Mobox protocol. The main goal of the project is for people to freely play NFT games and also earn money for playing. Mobox is not the only existing NFT game, as there are other previous ones such as Axie Infinity, Mist, Plant Versus Undead, among others.
Why did the price of MBOX go up so much?
The main factor for the rise of the cryptocurrency is the great recognition it obtained by being included in Binance, one of the largest exchanges in the world. In addition, it began to be distributed last week, and has an annual percentage return that is around 70 percent, according to sources from the exchange.
For many investors and NFT players, Mobox may be Axie Inifinity’s next big competition when it comes to NFT games. This is the second and strongest reason to give credibility to the token, increase demand, and produce a sharp rise in prices.