- The first Polkadot Parachain auction ends at 12:55 CET today.
- Moonbeam and Acala Network were the top two contenders for the Parachain slot.
- Polkadot has gathered community feedback for updating the altcoin's brand.
- Analysts expect a drop in DOT price before a trend reversal and hit a new all-time high.
Polkadot's first slot of Parachain auctions has ended with Acala network's win. The DeFi hub of Polkadot, Acala network, has $1.3 billion in total value locked.
Acala network's win marks end of first Polkadot Parachain auction
The first Parachain auction on Polkadot has ended. Acala network and Ethereum compatible smart contract platform optimized for DeFi. The protocol has emerged as a liquidity hub for DeFi with built-in finance applications.
Congratulations to @AcalaNetwork for winning Polkadot's first parachain auction!
— Polkadot (@Polkadot) November 18, 2021
Acala will be onboarded at block #8179200 [Dec. 18] at the beginning of lease 6 with the other first 5 auction winners. Over 81K network stakeholders locked up DOT in favor!https://t.co/ZFSzezZAFX pic.twitter.com/Xn0hItfHrm
Acala network and Moonbeam were neck to neck in the slot auction. DOT holders poured over 1.1% of DOT's circulating supply into the Acala network (crowdloan).
The DeFi projects plan includes the release of a stablecoin on Polkadot and a building of a DEX. Karura, Acala's sister project, secured a Parachain slot in Kusama auctions earlier this year.
Acala plans a DEX rollout by the first quarter of 2022.
Historically, Kusama prices dropped immediately after the end of nearly every slot auction. This was followed by a KSM price rally ahead of the next slot auction. Analysts expect a similar price trend in DOT.
Pseudonymous cryptocurrency analyst @Pastore1314 believes that DOT price will drop before a trend reversal . The analyst expects the DOT price to climb to a new all-time high.
$DOT
— Alejandro ™ .DOT (@Pastore1314) November 18, 2021
Keep an eye on this scenario
If this happens, you know the deal amigo pic.twitter.com/hPT02fhrZM
Analysts consider accumulating DOT at the current price, $39.18. @AltcoinSherpa recently tweeted:
$DOT: more chop as expected...Not a bad time to accumulate but not a great active trade IMO. #DOT pic.twitter.com/3SVXg16JuI
— Altcoin Sherpa (@AltcoinSherpa) November 18, 2021
FXStreet analysts have evaluated the DOT price trend and predicted a drop in Polkadot due to the rising selling pressure. Analysts have set the next target for DOT price at $45.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.