Celo's IDRX Stablecoin Hits $10M Volume in One Month

Celo has announced a major milestone for its IDRX stablecoin, which has surpassed $10 million in onchain foreign exchange (FX) volume since its launch less than a month ago. The Indonesian Rupiah-pegged stablecoin, supported by Textileprotocol, has seen rapid adoption on the Celo network, driven exclusively by Textile FX.

On the technical front, the CELO token is holding steady at $0.10. The 50-period exponential moving average (EMA50) is acting as immediate resistance, aligning with the upper Bollinger band. Meanwhile, the 200-period EMA provides deeper support at $0.09. The MACD indicator shows a golden cross at 0.0, signaling bullish momentum, while the RSI at 54.82 remains neutral, suggesting steady continuation rather than exhaustion.

This volume milestone highlights the growing demand for stablecoin FX trading on the Celo network. The data feeds into updated price prediction models for CELO, which track onchain metrics and stablecoin trading growth. The rapid adoption of IDRX underscores the potential for further expansion of stablecoin solutions on the Celo platform.