Is Celo Worth Buying In 2023?

Last Updated January 5th 2023
7 Min Read

Is Celo worth considering in 2023? According to most experts, yes, Celo is worth buying in 2023.

Although the token is down by more than 58% from its peak value, it still shows great potential and might just experience a mighty rebound this year. Since its launch, Celo price has grown by more than 400% and might do even better this year if it encounters favourable conditions.

At the time of writing, the coin recorded a 24-hour trading volume of $80,924,603, which was a 19.51% growth from the last 24 hours. With such figures, there is hope that the cryptocurrency will continue to grow in 2023.

But is it really worth buying? Why should you buy this coin? Are there any risks associated with investing in it? 

We will answer this and more questions in this guide. But first, let’s start with the basics. 

What Is Celo (CELO)?

Celo is a cryptocurrency platform that wants to make it easy for people to send and receive coins using their phone numbers instead of complicated public addresses.

Additionally, Celo supports the creation of decentralised apps (DApps) on its blockchain. The team behind this cryptocurrency says they are focused on "giving regular people access to high-quality financial applications at a fraction of the cost and effort it takes today."

To this end, the platform aims to make it easy to access financial services globally without going through the hassle of traditional banking. By focusing on mobile phone users, Celo manages to create a financial system that paves the way for fairer and user-friendly transactions.

The platform uses a proof-of-stake consensus mechanism which means users can stake their Celo coins to validate transactions. This means the more tokens you have, the higher your chances of getting rewarded with new ones.

Celo is also compatible with the Ethereum Virtual Machine (EVM). This means that developers can deploy their smart contracts or decentralised applications (DApps) on the Celo blockchain even if they were created on Ethereym.

Celo uses fiat-pegged stablecoins called cUSD to help maintain its price.  

What is cUSD? 

Fiat-pegged tokens are equivalent to the value of one US dollar and can be transferred from party to party on the blockchain through the use of smart contracts.   This means that as long as a user has cUSD tokens, they can purchase other cryptocurrencies on any exchange that does not accept fiat currencies.

However, Celo's main token is known as CELO, which is a governance token. With CELO, holders can vote on protocol changes and what to do with the dividends generated from the Celo blockchain. 

Celos' dual-token system facilitates efficiency in transactions that are primarily focused on enabling users to transfer cryptocurrency conveniently.

Read More: Is Ιt Worth Investing Ιn Celo?

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Why Is Celo (CELO) So Popular Right Now?

Although CELO was largely under the radar during its early days in the market, it is very popular right now. There are several reasons why this crypto is arresting the attention of investors and penetrating into mainstream media.

1. Massive Future Potential

One of the reasons why Celo is so popular right now is because it is mobile-friendly, which means it has enormous future potential. By being mobile-first, the platform targets a large segment of users who may be hitherto not crypto-savvy.

If Celo manages to assimilate just a small percentage of global mobile phone users, it will be huge.

Right now, mobile devices are used by more than 50% of the world's population to access internet services.

Within this segment of online users, there is growing interest in cryptocurrencies and digital assets. By providing mobile user-friendly cryptocurrency transactions, Celo has an edge over other coins because it caters for this rapidly growing community of digital asset users.

2. Decentralised Applications (DApps)

Decentralised apps are built on top of a blockchain platform and use smart contracts to eliminate middlemen in transactions. The aim is to provide peer-to-peer interactions between people or businesses.

Essentially, they facilitate self-executing transactions between parties on the blockchain. Since Celo is open-source and compatible with the EVM, it allows DApps to be built on top of its blockchain.

This means that any crypto enthusiast can create decentralised apps without having to build their own platform from scratch.

3. Rapidly Growing Community

Another reason why Celo is so popular now is that its community is growing rapidly. These include developers, partners, investors, and a multitude of crypto enthusiasts.

One this that has helped the Celo community to grow is its collaboration with several institutions, capitalists and humanitarian organizations such as the World Food Program. Through the WFP, Celo aims to make it easier for refugees to access financial tools.

This means that as more people become aware of Celo, there will also be an increase in value and investment in this cryptocurrency. This will likely see its price rocket to the moon.

Should I Buy Celo (CELO) In 2023?

Celo (CELO) is definitely worth buying in 2023. The price of this cryptocurrency will likely rise significantly this year, especially if it continues to capture the imagination of developers and digital asset communities.

The best time to invest in CELO was when it started trading in the market in May 2020. However, there is still an opportunity, especially now that the coin is experiencing a downturn.

Coin Price Forecast predicts that the token may shoot to $23.5 per coin by the end of this year. That means that if you buy at the current price of $4.45, your assets may grow by more than 400% by the end of the year.

However, we don't want to get your hopes up and tell you that you will make a lot of money if you buy CELO now. If you have been in the market for long enough, then you understand that cryptocurrencies are risky, and there are no guarantees of profitability.

So, whether or not you want to buy now depends on several factors such as your risk appetite, financial abilities and trading skills.

Don't Miss: Celo Price Predictions

Why Should I Buy Celo (CELO)?

CELO is a Mobile-first project that has immense potential for growth in the coming years. If you are not afraid of taking risks to make money, then this coin is definitely worth buying.

Since it started trading on exchanges, the price of the coin has fluctuated considerably within a small market cap. This means that if you are not afraid of buying now, you could make a killing in the next few years.

But if you are not ready to buy yet but want to reap benefits from this crypto's growth, it is advisable to buy as soon as possible and simply hold on for as long as you can. This will help you make money even when prices are low.

Generally, there are several reasons why we think buying Celo now is a good idea;

  • Great future potential: If you are looking to invest in some promising cryptos with great growth prospects, then Celo is a good choice. It has numerous successful partners who can help it achieve its goal of becoming the world's most used cryptocurrency.
  • Earn passive income through staking: CELO is one of the few cryptos with a staking feature. This means that you can earn more coins by helping Celo maintain its blockchain network. Each coin that is in your wallet will generate additional coins until it reaches its maximum supply. The best part is that you can do this without actually selling any of your assets.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Risks Associated With Celo Investments

While we believe Celo has the potential to be profitable in future, there are several risks associated with investing in it. These include:

  • Massive volatility
  • Possibility of losing assets to hackers
  • You may fall victim to crypto scams and lose your tokens
  • Harsh government regulations may strain the coin's growth

Conclusion: Should I Buy Celo (CELO) in 2023?

Celo (CELO) is a cryptocurrency with an exciting future. Over the last year, its price has been on a steady rise as more institutions join the platform.

We believe that as there is increased awareness about this project, it will shoot to the moon, and those who buy now may make tons of money in the coming years.

However, it is important to note that the price of this token is vulnerable and subject to fluctuations.

You will also be exposed to such risks as crypto scams, hacking and bad government policies on crypto.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Read More: 

How To Trade Celo With $100

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