Most of the larger alternative cryptocurrencies continue to act mostly indecisively. Majority hasn’t made much of a difference in the last 24 hours. But there is a crypto currency that has attracted serious attention recently. That’s Polkadot (DOT).
Although the market is stagnant, there are two main exceptions to this trend: Chainlink (LINK) and Polkadot. While LINK has grown to over $ 15 in the last 24 hours, DOT has maintained its impressive performance by about 4% in the last 24 hours. DOT was being traded around $ 6 at the time of writing. Polkadot (DOT) is currently the 6th largest cryptocurrency in terms of market capitalization, according to CoinGecko data. DOT has seen an increase of 110% in the last 7 days.
What is DOT? Why Is It On The Rise?
Polkadot, a popular Web3 Foundation project known for facilitating the creation and connection of the blockchain, has recently reassessed DOT tokens. After reassessment, the price of Polkadot rose to an all-time high (ATH) of $ 6.51 (on August 26, 2020). The DOT price has risen by 110% in the past seven days. According to Polkadot, “new” DOT tokens are 100 times smaller than previous tokens. This reassessment took place on August 21, 2020 and the cryptro worked as a stock for money.
Polkadot, founded by Ethereum co-founder Gavin Wood, Robert Habermeier and Peter Czaban, is a Web3 project. Simply put, the project designs a framework to help you connect blockchains. It does this by connecting several blockchains to a single network. Therefore, it facilitates cross-chain communication and interoperability across several blockchains.
DOT is the native token of the Polkadot ecosystem. In particular, it also serves as a management tool as the token holders control the network. The token also enables the consensus mechanism that acts as a foundation for Polkadot. DOT owners need to be actively involved in the project to ensure continuity.
Polkadot also partnered with Blockchain.com to increase the use of DOT tokens. DOT has seen a significant increase in just 1 week since its release. Most analysts state that this increase in DOT will continue.