Think of Polkadot (DOT) as a big team of different groups working together. There are two main parts: the main chain and the individual chains.
Each individual chain, called a parachain, is like a small team working alongside the main one. They have their own jobs to do and can handle transactions at the same time as the main chain. This teamwork helps Polkadot handle lots of transactions smoothly, making things easier for users and developers.
DOT is the special coin used in Polkadot. People who have DOT can vote on decisions, help with transactions, and earn rewards. This keeps Polkadot fair and not controlled by just a few people. Unlike some other coins, there isn’t a fixed amount of DOT – more gets made over time. It’s an exciting way to be part of the Polkadot network and help it grow!
Price of DOT today
The price of DOT (Polkadot) currently stands at $6.94 with a 24-hour volume of $172,879,975.37. The price has risen by 2.00% in the past 24 hours and by 4.65% in the last 7 days. The circulating supply of DOT stands at 1.3 Billion. The market cap of Polkadot stands at $9,217,956,163.
Historical Price Performance
Polkadot’s price has seen a dramatic increase since its inception in 2020, beginning at approximately $2. It reached a peak of $54 in Nov 2021, which was its highest-ever price. Subsequently, the price decreased significantly, similar to the trend of most other cryptocurrencies.
The lowest price for Polkadot was $2.70, recorded on August 20, 2020 (more than 3 years ago).
Over the past month, DOT’s price has risen 5.61% which adds an average of 0.38 to the coin’s current price. This rapid increase means that DOT can be a solid investment right now if it keeps going up.
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Polkadot Technicals
The price is moving inside the symmetrical triangle. Currently, it is bouncing from the support trendline of the triangle. We have to wait for a successful breakout or breakdown.
Trends are mixed, with the price trading in a symmetrical triangle pattern. Trend traders should wait until the pattern breaks out, with an upside potential of $8-$10.00. Swing traders should enter on a pullback to the support zone of $35-$5.80. (Set a price alert) A symmetrical triangle typically leads to a bullish breakout when the price breaks the top trend line. Trends: Swing traders can trade emerging patterns between convergence lines, but most should wait for the pattern to close out with a breakout, then place a buy order. The MACD line is above the MACD signal line (bullish), but RSI is ~50 (neutral). The nearest support zone is $35-$40, while the nearest resistance zone is $80.00.
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DOT NEWS
The Web3 Foundation released the Decentralized Voices Program, delegating 180,000 #KSM and 42 M #DOT of voting power to active voters to ensure a fair decision-making process.
Exciting news, Polkadot community! @giottodf has introduced Proposal 471 to boost Business Development for Polkadot. The aim is to attain top talents within and outside the crypto world to form quality partnerships and drive network growth. Giotto is collaborating with credible curators to finalize the list, and your vote on Opengov matters! Stay tuned for updates and let’s shape the future of Polkadot together! 🌐🚀 #Polkadot #Crypto #Proposal471
Endnote
Polkadot works like a team, with the main chain and its sub-chains (parachains) acting as a team. DOT, the company’s special coin, allows users to vote, trade, and earn rewards in a decentralized and fair system. The price of DOT stands at $6.94 today, demonstrating recent positive trends. The company’s historical performance has fluctuated from time to time, reaching a high of $54 back in November 2021. Technically speaking, there’s a bullish breakout potential on the horizon. Proposal 471, for Business Development, as well as the Web3 Foundation’s decentralized Voices Program, are just a few of the recent developments that have made Polkadot an interesting investment opportunity. It’s an ecosystem that’s constantly changing and evolving.