The DOT token price rose 58.4% over seven days and 175% over the last month. This has allowed the coin to displace XRP from the fourth spot in the crypto-asset market-cap rankings.
At the time of writing, DOT’s total market value stands at $14 billion, and the token price at $14.78.
Many members of the crypto community are optimistic about DOT’s prospects. A user known as Mr.Business does not rule out the token price reaching $100 amid a possible Ethereum rally to $5,000.
$DOT hit a new ATH
And its not on Grayscale
Its not on Coinbase
And its 12x from ETH’s MC.
So if we believe $ETH will go to 5k — how can $DOT not go to $100?
— Mr.Business (@Adouble212) January 13, 2021
The Polkadot interoperability protocol was created by Ethereum co-founder and Parity Technologies director Gavin Wood. Polkadot is widely regarded as one of the most promising next-generation blockchain projects. The protocol is based on Parity’s Substrate framework.
The Polkadot token sale took place in 2017. The project raised $145 million by selling 5 million DOT. But funds for development proved insufficient, and in 2019 the Polkadot team conducted a secondary token sale. According to The Wall Street Journal, since then the project’s market capitalisation grew to $1.2 billion.
According to PolkaProject, the Polkadot network already hosts 338 projects—from stablecoins to social networks. In early autumn 2020 there were about 200 of them, and the network itself was launched only in May this year.
Earlier, the rise in DOT’s price significantly accelerated in December 2020 amid support from Binance, the largest cryptocurrency exchange.
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