DOT Will Exceed $50 Earlier than Parachine Auctions

Polkadot’s price soared on Thursday after developers announced the date of the much-anticipated parachute auction. The DOT token jumped to a multi-month high of $41, which is about 310% more than its low in July of this year. This jump raised the market capitalization to more than 40 billion dollars. This makes Polkadot the eighth largest cryptocurrency in the world. Of course, this will make all crypto investors who were previously able to buy Polkadot very happy.

Parachin Auction Date Announced

Polkadot is a blockchain project developed by Gavin Wood. He is best known as the co-founder of Ethereum. The project aims to create a platform that connects chains for individuals and companies as well as public and unauthorized networks as well as Oracle.

Ultimately, the platform helps developers build high-quality decentralized applications (dApps) as well as decentralized autonomous organizations (DAOs). To achieve this, the platform uses Kusama, another decentralized platform, as its foundation. All applications that go to Polkadot must first be run via Kusama, whose code is known as KSM. Kusama’s market capitalization is over $3 billion.

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The price of Kusama and Polkadot rose today after the developers announced the date of the Parachine Auctions. Auctions are scheduled to begin on November 11 this year.

These are several specialized blockchains that are connected to the Polkadot Relay Chain. It represents the multi-threaded aspect of network technology. The launch of these parachines is significant as they represent the final stage of Polkadot’s multi-phase implementation.

The auction process will be relatively long and will take place in two stages. The first batch consists of five auctions starting on November 11 and ending on December 9. The second lottery begins on December 23 and ends on March 3 next year.

Polka dot price prediction

Polkadot Price Prediction 10/14/21

The daily chart shows that the price of Polkadot has been in a strong bullish trend for the past few weeks. The price is up more than 300% from its July low. The token is now trading at $41, which is about 16% below its all-time high.

Another notable event is that the price broke the major resistance at $38.77. This is the highest level since September. The price is trading above the 25-day and 50-day exponential moving averages, while the MACD is above the neutral line. Therefore, the path of least resistance for DOT price is to rise, with the next major level to watch is $50.

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