Polkadot is creating a revolution in the space of blockchains. Developers are highly in favor of the platform to create fast and reliable apps. Additionally, it is taking on top names in the industry like Ethereum to give a tough fight.
Let’s dive deep into Polkadot and find out what it holds for the future.
What is Polkadot?
Polkadot is a “blockchain of blockchains.” It is a secure, fast, and reliable platform to develop large-scale apps. Just like Ethereum, developers can create different products based on the technology.
Best of all, Polkadot is far superior to Ethereum, the most traded blockchain. It does not clog up when you run heavy or complex workloads.
Additionally, Polkadot is more affordable compared to Ethereum. Developers don’t have to pay GAS charges, which Ethereum takes for each computational task.
As a result, Polkadot is gaining traction and growing into a large ecosystem.
What is the DOT Token?
DOT is the primary asset on the Polkadot network. It helps token holders participate in the governance of the platform. In addition, DOT helps reward token holders and pay for incentives and also comes in handy to support the development of Polkadot.
DOT ranks 8th in the cryptocurrency market and is currently trading at $31.83. It has a market cap of $33,068,995,140, while a total of 1.12 billion tokens are in supply.
Currently, there are 1 billion DOT tokens in circulation.
Analysis & Future Prediction of DOT Price
DOT is performing positively on a day to day basis. In the last 7 days, the tokens grew by 15% in value. The growth for the last 14 days also stands at 12.3%.
However, the monthly performance of DOT is currently negative. The token has declined by 2% in value in the last 30 days.
The price of DOT began to increase from the end of July 2021. This is after DOT recorded its all-time high on May 15. Right now, the price is 35% below the all-time high but is showing signs of recovery.
According to estimates, DOT may even go on to reach the $50 mark. This can happen if investors stay with the token and keep on supporting its upward trend.
Otherwise, DOT may come down to around $16.94.
Other predictions also indicate the growth in DOT’s value. It may go up to $37.50 in the coming months. We can expect the price to increase as DOT recorded a 662% growth during the past year.
DOT may close 2021 at $47.39 and by the end of next year, the price may increase to $56.50. If the trend continues, DOT could climb to $95.98 by 2025.
Additionally, the expansion of the Polkadot ecosystem should also impact DOT prices positively.
Polkadot is a worthy project and helps developers create quality apps. DOT is also a strong contender in the market and holds promise for investors. The price of DOT could further increase in the long term, making it a good option to hold your coins. However, the cryptocurrency market is also volatile and contains risks.