Polkadot Up 30% The Last Week
Is Polkadot finally gearing up for a breakout?
Covered:
- Polkadot Up 30%
- Polkadot Finally Moving Up
- Competition For Smart Contract Supremacy
Polkadot Up 30%
Polkadot weekly chart. Credit: CoinMarketCap.com
Polkadot (ticker symbol: DOT) is enjoying a strong end to the week. The smart contract platform is up 30%, trading around $32 USD. Dot traded as low as $24.55 on August 30th.
The positive price action comes from Polkadot’s second parachain auction with its canary network Kusama, which took place on Thursday.
Thanks to the successful auction, the smart contract protocol overtook Solana market cap wise yesterday. However, it has since ceded its position to its red hot competitor. Solana stands in 7th place, while DOT is 9th in terms of market cap.
Polkadot’s last 24 hours haven’t been as strong, only rising around 1%. Though, DOT is trading far above its July 21st low of $10.42.
Polkadot Finally Moving Up
Recommended: For more on Polkadot, check out our guide.
Polkadot plummeted more so than some of its competitors during the crypto market’s prolonged slump.
For example, DOT fell to $10.42. It’s May 15th all-time high of $49 was about 4 times that level. In contrast, it’s competitor Cardano, only fell as low as $1 USD from an all-time high around $2.19. Some have speculated that the steep drop stemmed from the fact that DOT is heavily VC funded.
Nevertheless, the Gavin Wood-led project is showing strong growth of late. Like its competitors, DOT is deeply entrenched in the NFT world. Polkamon has proven to be a big hit for the chain. While, Enjin, the blockchain game chain, raised 16 million to build its NFT platform on DOT.
Competition For Smart Contract Supremacy
DOT, unlike its smart contract competitors, has failed to gain back the buzz it enjoyed at the beginning of 2021.
Back in January, the protocol overtook XRP to become the 4th largest crypto in terms of market cap. It has since been overtaken by Cardano and Solana.
Both Cardano and Solana have dominated the headlines of late. Which makes sense. Cardano smart contracts are deploying within days. While, Solana’s NFTs are mooning. Not to mention, Solana is connected to the headline stealing Sam Bankman-Fried. For whatever reason, DOT’s news catalysts like parachain auctions don’t get the same traction.
Regardless, investors in Polkadot can’t be too frustrated. DOT is up over 400% for the year.
The post Polkadot Up 30% The Last Week appeared first on CryptosRus.
Text source: CryptosRus
