CELO price has recorded a steeper upsurge and is up by 24.66% in the last 24 hours. The platform’s growth can be attributed to the growing adoption of stablecoins, particularly in the African market, and heightened trader engagement.

Celo Price and Market Activity

CELO surged higher as it gained 24.66% in value to trade at $0.6707. Market capitalization also increased by 24.66% to $367.6 million.

Average daily trading volume increased by 1168.73% to $ 170.1 million demonstrating increased market activity.

Celo’s Growing Adoption in Africa

Almost all of the activity is credited to Uniswap, which is among the biggest applications on the Celo platform. Uniswap contributes to more than 43% of Celo’s traffic in September making it crucial for providing liquidity and engaging users with the platform.

Celo Surges Ahead of TRON in Active Addresses

Artemis reported earlier on X that Celo had already surpassed TRON (TRX) in daily active addresses. According to Artemis, the surge in daily active addresses is driven by the use of Celo in financial applications especially in the African region.

Ethereum co-founder Vitalik Buterin also expressed his appreciation for Celo and its prospects in enhancing global payments and financial services.

Buterin acknowledged Celo’s alignment with Ethereum’s mission and its transition toward becoming an Ethereum Layer 2 blockchain. This transition is expected to help improve security, structure, and communication and bring Celo closer to becoming a significant DeFi platform.

Celo’s Migration to Ethereum Layer 2

The move also comes at a time when there is increasing attention paid to stablecoins. Tether has recently pre-minted $200 million USDT on Celo, further proving the aptness of the platform to attract more market share of the stablecoins.

As for long-term prospects, Celo seems to be poised for success with steadily growing usage and expanding stablecoin traffic. TRON would need to gain more ground to remain relevant in this rapidly progressing market.

TRON Sees Slight Price Decline

While Celo’s price surged, TRON (TRX) saw a slight decline over the same period, dropping 1.11% to $0.1507. It also saw a reduction of its market cap by 1.10% to $13.06 billion.

According to Coinmarketcap, the chart shows intense bearish pressure on TRON, where its price has dropped from $0.1525 to the current value.

Future Outlook for Celo and TRON

The high price increase is an impressive factor that the Celo platform has managed to achieve in a short period. Expanding usage, particularly in stablecoins also shows that the platform is bullish. Further growth can be expected due to its migration to Ethereum Layer 2 and the expanding application of the token in Africa.

Overall, Celo seems to be a platform that would have great long-term prospects due to the increased adoption rate and transactions with stablecoins.