Increasing trading volume, investor excitement over side-chain auctions, and Kosama’s good performance in recent days and weeks have given investors hope that the Pulkadat price peak will not be broken.
to the Report Coin Telegraph, After the London Ethereum update failed to play a major role in resolving issues such as network saturation and high fees, Polkadot had the opportunity to expand and was able to increase its market share.
Polkadot is one of the 10 digital currencies on the market that has gained good momentum but has not yet experienced a significant jump. However, some competitors of this digital currency, such as Solana, managed to record large jumps.
Market data show that after July 20 (July 29) Polkadot reached its price level of $ 10.36, we saw a growth of 205% and reached $ 31.7 yesterday. The ascent comes as there is more and more talk about the beginning of the Altcoins season.
Experts believe that the upcoming auctions of Polkadot for side chains, the rapid growth of network projects and the continuous increase in the volume of transactions are factors that will have a positive impact on the price of this digital currency in the future.
Auction of Polkadot side chains is one of the main factors that accelerate the upward acceleration of Polkadot price. In these programs, the digital currency community votes on access to limited slots on the network. Different projects can use these slots to create their own projects on Polkadot. A Twitter user writes about this:
The upcoming parachute auction should increase the demand for Polkadot.
The token bonus of auctions on Kosama has been extraordinary, and I share my currencies with a similar prediction in Polkadot.
Kosama can be considered an early version of Polkadot. In late July, Kosama handed over a number of its parachutes in a batch to various individuals at an auction, and today has another auction schedule.
During these auction programs, users vote on the project by locking out Polkadot tokens. Locking tokens is a kind of financing for the project. If the votes are enough, one of the network slots will be allocated to the project. It should be noted that the number of slots is limited.
Slot auctions reduce the number of tokens in circulation, which increases the upward pressure on the Pulkadat price. The Polkadot Slots Auction begins after the completion of the Kosama Parallel Chains. The process of auctioning slots in these two networks is going according to plan and without interruption.
Projects on Polkadot
Another strength of Polkadot is the large number of projects on this network. These projects are looking to get a slot on the network to get started.
As you can see in the image above, the Polkadot ecosystem has seen significant growth over the past year and a lot of infrastructure has been added to the network. It is also important to note that the situation with Polkadot is much better than with similar projects.
With the start of the parachute auction in Polkadot, it seems that the project will continue to grow. The smooth process of parachute auctions in Kosama also confirms the acceptance of more projects on Polkadot.
The daily trading volume of Polkadot is another factor that can be used to hope for the future price of this digital currency. Currently, the 24-hour trading volume of this digital currency is at a level that has not been seen since the fall of May.
According to market data, yesterday we saw a 300 percent increase in the daily trading volume of Polkadot and reached $ 5.41 billion. According to experts, today’s parachute auction in Kosama has played a major role in increasing the volume of Polkadot transactions. Traders now think that Kosama’s growth could happen in Polkadot as well.
If Kosama can successfully complete its parachute auction process, auctions will begin at Polkadot; This means that one can expect an increase in demand for Polkadot tokens, which in turn will increase the price of this digital currency.