Polkadot Price Increased By More Than 50%

The Polkadot (DOT) price has risen more than 16% in the last 24 hours due to positive sentiment over the cross-chain Protocol. CoinMarketCap data also shows the DOT is up more than 71% over the past week and is currently trading at $8.28 at the time of writing.

The rise of Polkadot follows two major fundamental events, all of which are related to the leading crypto exchange and trading platform Binance. The optimism from Binance's statements catalyzed the upward movement and kept bulls on their toes of the $10 level they wanted.

Binance announced last week that it has raised $10 mln to support projects on Polkadot. According to a blog post detailing funding, the main goal is to improve access to Decentralized Finance (DeFi) for Binance users.

Image: Crypto Slate