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Parachain auctions send Polkadot (DOT) price soaring


en.cryptonomist.ch 27 October 2021 21:43, UTC
Reading time: ~3 m

Polkadot is preparing to launch its first parachain auctions as the price of DOT surges. Some influencers support the bullish trend of the eighth crypto per market cap. 

Summary

Polkadot and the proposal of the first parachain auctions

Polkadot seems to be following the Bitcoin and Ethereum price trend as well, with some news that could become a reality in November. 

This concerns the proposal for the first parachain auctions on Polkadot, taking into account the huge success of Polkadot’s 11 Kusama parachain auctions. 

According to reports, the current proposal is under review and includes two lots of auctions. Here is how they are described:

“The first: five auctions, starting 11 Nov, seven days each, beginning every seven days, for lease periods 6-13 (LP6 is slated to begin 15 Dec). The second: six auctions, starting 23 Dec, seven days each, beginning every 14 days, for lease periods 7-14 (LP7 is slated to begin 09 Mar 2022)”.

In essence, the parachains connect to Polkadot’s Relay Chain; their launch signifies the expansion of the Polkadot ecosystem and increasing interoperability. 

Polkadot

DOT price increases

Immediately after the announcement of Polkadot’s proposal, DOT shot up from $35 to over $40, reaching a price of $44 at the time of writing. 

The price of DOT has been trading upwards since September, but it is only now holding above the $40 barrier, just a step away from its ATH or All-Time High of $48 touched in May 2021. 

At the time of writing, DOT is the eighth largest crypto by market capitalization, with a market cap of over $40 billion and a crypto dominance of 1.65%

The influencer supporting Polkadot’s bullish trend

Among the various crypto influencers sharing their thoughts on the social network of crypto-lovers is Lark Davis, who, with his nearly 600,000 followers, tweeted the following:

I remain very bullish on Polka $dot in the run up to parachains launching in November.

Top 3 Auctions I plan on backing @MoonbeamNetwork @AcalaNetwork @ParallelFi

— Lark Davis (@TheCryptoLark) October 23, 2021

“I remain very bullish on Polkadot (DOT) in the run up to parachains launching in November. Top 3 Auctions I plan on backing: @MoonbeamNetwork, @AcalaNetwork, @ParallelFi”.

Not only that, Davis reportedly also shared another tweet last month showing Messari’s chart that Polkadot (DOT) was the most liquid asset held by Venture Capital and Hedge Funds. 

Polka Dot is also the most held asset by VCs and hedge funds. Translation big money players are balls deep in DOT. pic.twitter.com/7psfNZ8rBW

— Lark Davis (@TheCryptoLark) September 15, 2021

But Davis is not the only crypto influencer to talk about DOT. Many analysts have shown their results even though their opinions on the price trend are mixed

Angelo Papale of FX Empire would have predicted that the price would return to $37 these days. Crispus Nyaga of Bankless Times, on the other hand, predicts a price breakout that could exceed its ATH at $49. Finally, Aamir Sheikh of Cryptopolitan predicts a downward trend for DOT, which could push the price below $40. 


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