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How are the Celo, Axelar (AXL) and Sponge coins performing on the crypto market?
Below is an overview of their current and future prices, with a focus on the latest developments.
Analysis of Celo (CELO), Axelar (AXL) and Sponge (SPONGE) cryptos
Remember that Celo is a platform that serves as a global payment infrastructure for cryptocurrencies, targeting mobile users. In fact, Celo’s goal is to make financial activity accessible to everyone globally by allowing payments to be sent to and from any phone number in the world.
Axelar, whose native crypto is AXL, on the other hand, is an interoperability solution, providing the necessary infrastructure for seamless and secure blockchain communication through decentralised applications.
The new memecoin Spongebob (SPONGE), on the other hand, was recently launched on Uniswap, the popular decentralised exchange (DEX). Notably, the token generated more than $8 million in trading volume on its first day of launch and could offer even higher returns in 2023 due to the growing popularity of memecoins.
Focus on the price of crypto Celo, comparison with Axelar and Sponge
Currently, the price of crypto Celo (CELO) is USD 0.516274, with a 24-hour trading volume of USD 7,793,316. This represents a price increase of 1.43% over the last 24 hours, but also a price decrease of -10.36% over the last 7 days.
Furthermore, Celo’s daily volume over the last 24 hours was $7,793,316, which represents a decrease of -36.50% compared to the previous day and a recent decrease in market activity.
In fact, the highest price paid for Celo is $9.82, recorded in August 2021. The current price is therefore -94.74% below the all-time high.
Finally, with a price drop of –10.40% over the last 7 days, crypto Celo is underperforming the global cryptocurrency market, which is down -3.60%, while it is underperforming similar Celo Ecosystem currencies, which are up 18.20%.
However, the current market sentiment for the coin is positive. In fact, the community is upbeat, with more than 62% of users optimistic about Celo.
Crypto News for Axelar: Integration with Sommelier
Recently, Sommelier and Axelar announced an integration that brings together the best of both platforms: a new Cosmos appchain and the leading Ethereum Layer-2 in a DeFi app hosting ecosystem.
Specifically, Axelar is the first to offer General Message Passing (GMP) between the Cosmos and EVM blockchains, and Sommelier will use GMP to perform intelligent DeFi deposits, initially on Arbitrum One and expanding to other Layer-2 blockchains in the future.
The cross-chain extension of Sommelier with Axelar heralds a new generation of inter-chain applications that combine the best of multiple Web3 ecosystems.
In fact, Axelar GMP allows any information, not just cash, to move between the Cosmos and EVM ecosystems, facilitating consistent interoperability. Peter Haymond, Senior Partnership Manager at Offchain Labs, said:
“At Offchain Labs, we are delighted to welcome high-level protocols such as Sommeliers who are focused on finding innovative ways to improve capital efficiency in DeFi to Arbitrum One”.
For Sommelier, GMP is the means to improve DeFi in the EVM world. Sommelier has already gained traction with successful vaults on Ethereum, including Real Yield ETH and Real Yield USD, both of which set a new standard for market-appropriate, intelligent, unattended vaults.
Now, additional deposits can be made through the combined architecture of Sommelier’s Cosmos appchain and Axelar GMP to access unique DeFi applications such as GMX on Arbitrum One.
Sponge crypto up 4000%: memecoin outperforms all others
The SPONGE crypto seems to be taking over the entire cryptocurrency market after rising over 4000% since its launch, creating a new wave of memecoin millionaires.
Indeed, the market has seen some extraordinary price rises in recent weeks, especially in the Memecoin sector.
Projects such as PEPE and Wojak have risen by several thousand percent in the last two weeks, but Spongebob Token has managed to catch up and reproduce a price increase of 4000 percent just four days after launch.
It also has a market capitalization of over $90 million within a short time of launch.
As we know, memecoin was launched directly on Uniswap DEX on the 4th of May after the team injected over $2 million into the liquidity pool.
Just four days and seven hours later, the Spongebob token exploded from a price of $0.00025 to $0.002388.
Since then, the token has cooled off slightly, which is to be expected after such an upward parabolic move.
However, the retracement provides an opportunity for those on the sidelines to finally enter the new memecoin Sponge, which could overshadow PEPE.