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Amid the broader market correction, Polkadot (DOT) price has surged significantly. The Polkadot network has been conducting several parachain auctions over the last few weeks.
While the overall altcoin space has come under severe selling pressure, Polkadot (DOT) has managed to defy the trend. The world’s eighth-largest cryptocurrency has rallied nearly 15% today. As of press time, Polkadot (DOT) is trading at a price of $35.11 with a market cap of $34.6 billion. With today’s move, Polkadot has managed to swallow last week’s losses. The Polkadot blockchain has become popular because of its ability to facilitate cross-blockchain transfers.
The DOT cryptocurrency has been one of the top-performing altcoins this year. On a year-to-date basis, Polkadot has gained more than 300% so far. Earlier in May 2021, Polkadot touched an all-time high of $50. If DOT continues with this momentum, it can soon surge to its ATH and enter the price discovery zone.
Furthermore, the recent rally has happened against the backdrop of strong developments in the Polkadot ecosystem. Over the last few weeks, the network has been auctioning several parachains.
PolkaBridge’s multi-chain automated market maker (AMM) has been currently running on the Ethereum blockchain network. Very soon, it plans to launch its own functionality while onboarding Polkadot.
PolkadotBridge is also gaining major prominence as a decentralized financial application platform. This is because users can swap tokens on the DOT platform with other chains.
Polkadot (DOT) Price amid the Parachain Auctions
The Polkadot blockchain has been conducting several parachain auctions recently. Some of the most popular ones have been the Kusama parachain auctions.
Last week, on September 8, Polkadot concluded with its most recent parachain auction of KILT protocol. The KILT protocol offers claim-based verifiable, revocable and anonymous credentials to end-users.
With projects like KILT bring built on the Polkadot blockchain network, DOT’s on-chain activity will get a massive boost. This will increase the DOT’s utility thereby helping the altcoin to rally further.
The seventh parachain auction on Polkadot will go live ahead this week on September 15. The first five winners of the parachain auctions included projects compatible with the Ethereum Virtual Machine (EVM).
The parachain auctions along with the parallel blockchains launched by Polkadot will result in an explosive increase in the utility and demand of the DOT token. Crypto analyst at Eight Global – Michaël van de Poppe – believes that the DOT price can shoot all the way to $100-$150.