Celer Network price is up 19% today, making it the biggest gainer on Crypto.com. Currently trading at $0.15, with a 24 hour trading volume of $668 million, it’s clear that crypto markets are excited about CELR. Let’s take a closer look at Celer Network and its token CELR and see what all the hype is about.

What Is Celer Network?

Celer Network is a Layer-2 scaling platform similar to Loopring that’s looking to bring low-cost blockchain application on Ethereum and Polkadot.

One of Celer’s biggest selling points, is their recent launch of the world’s first Generalized State Channel Network (GSCN). This network uses advanced zkRollup technology to push the frontier in Layer-2 scaling solutions.

Why Is Celer Network Price Rising?

Celer Network is a solid competitor to LRC, as such, it comes as no surprise that CELR price is rising as more users are realizing the potential of Layer-2 scaling solutions.

Moreover, Celer Network recently announced the mainnet launch of cBridge 2.0 to celebrate reaching $1 billion in volume on cBridge 1.0.

CELR Price & Tokenomics

At the time of writing, CELR is trading at $0.14, up over 21% in the past 24 hours.

CELR’s total supply is 10 billion, with a circulating supply of 6 billion. The current market cap for CELR is $905 billion, placing it as the 118th largest cryptocurrency on the market.

As cryptocurrency trading becomes more mainstream, the influx of users will further increase gas prices on Layer-1 networks like Ethereum. As such, Celer Network makes for a great long-term pick for 2022 as Layer-2 solutions become more and more necessary.

Disclosure: This is not trading or investment advice. Always do your own research before buying any cryptocurrency.

Follow us on twitter @themerklehash to stay up to date with the latest cryptocurrency news!