The DOT token price rose from $4.77 on December 24 to a record high of $7.65 on Wednesday, December 30. The rally was supported by financial and informational backing for Polkadot from cryptocurrency exchange Binance.
DOT/USDT chart on Binance from TradingView.
After hitting a local high, the DOT price corrected to $7.34, posting a 44.5% gain over seven days, according to data from CoinGecko.
The rapid rise in the Polkadot token began the day after Binance announced financial and informational support for Polkadot.
In case you missed it, #Binance is establishing a $10 million fund to empower innovative projects to be built around the @Polkadot ecosystem.https://t.co/55EDfm8XIA
— Binance (@binance) December 27, 2020
“We are establishing a $10 million fund to empower innovative projects that will be built on the Polkadot ecosystem,” the statement said.
Since the announcement, Polkadot has replaced Ethereum on Binance’s homepage.
ETH is replaced by $DOT @Polkadot and is displayed on the homepage of @binance pic.twitter.com/d7Jx3b8mgE
— PolkaWorld (@polkaworld_org) December 28, 2020
In October 2020, Pantera Capital chief Dan Morehead said that Polkadot has a real chance to end Ethereum dominance in decentralized applications.
According to PolkaProject, the Polkadot network already hosts 325 projects — from stablecoins to social networks. At the start of September there were just over 200, and the network itself was launched only in May this year.
In August 2020, after the denomination of DOT and adding to the listing on leading trading platforms, the Polkadot token entered the top 10 by cryptocurrency market capitalization.
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