What happened
Cryptocurrency Celo (CRYPTO: CELO) was on the move today, gaining as the coin held its Kuneco (Esperanto for togetherness) Demo Day, an event showcasing a number of features and updates on the mobile-first crypto token.
As of 2:59 p.m. ET, Celo was up 10.6% with much of those gains coming this afternoon.
Image source: Getty Images.
So what
@CeloOrg shared several updates on Kuneco Demo Day this afternoon on Twitter, including talking up plans for Celo's Climate Collective, an initiative to tokenize rainforests and other carbon-capturing assets. The tokenized trees will then be added to the Celo Reserve, which was worth $850 million in October.
The organization also held a demo on how to buy non-fungible tokens (NFTs) with credit cards as well as a hackathon, and it shared some stats on the coin's impressive growth. There are currently 507,000 daily transactions taking place with Celo, representing a 91% quarter-over-quarter increase, and there are builders in 187 countries working on Celo projects, showing it's truly global.
Now what
Celo has a market cap of about $1.4 billion, meaning it's much smaller than some of the best-known cryptocurrencies, but today's gains are a reminder that the value of a cryptocurrency is as much about the community around the coin as it is its utility, adoption, or speculative interest. If Celo can build more interest for projects like Celo Reserve, its value should move higher.
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