Polkadot Has Recorded a 36% Increase in the Last 48 Hours: Why Has the DOT Risen?

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The popular crypto currency Polkadot (DOT) has become one of the best performing crypto currencies of the week, along with the listing of Coinbase Pro and Kusama’s first ever parachain auction, which will take place on Tuesday.

Polkadot Has Been Having a Busy Agenda Lately

DOT was recently listed on Coinbase Pro, the US-based giant cryptocurrency trading platform. Following this development, the auction of Kusama’s parachain slots, the test version of the Polkadot network, gave Polkadot an upward momentum. The DOT touched $26.44, a 37% increase over the last 48-hour time frame. The sudden jump of the popular crypto currency was followed by some decline. The DOT is trading at $24.24 as of the time of this writing.

The upward movement of the leading cryptocurrency Bitcoin continues to have a positive impact on the market. Elon Musk’s statements about Bitcoin accelerated the upward momentum of the markets, while BTC exceeded the 40.000 dollar. DOT, one of the altcoins following BTC, has signed an important upward movement. The popular crypto currency Polkadot has broken its course with its listing on the Coinbase Pro exchange and doping from the Kusama parachain auction. The Parachain auction initiative has raised $2 million in funding to increase lending and staking features on the Polkadot and Kusama blockchains.

The Expert Analyst Conveyed Important Information About Polkadot

Mira Christanto of the crypto data analysis company Messari noted that 65% of the active supply of DOT has been staked since May. In this regard, only 30% of the DOT remains in circulation, and many of these tokens will be excluded from the supply along with the parachain auction. Christanto said: “After the launch of parachain, 40% of DOT can be connected to parachains. Therefore, the circulating supply may decrease to 15%.”

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