Despite the crypto market staying under selling pressure last week, Polkadot (DOT) has managed to continue with the price surge. As of press time, Polkadot is trading 3% higher at a price of $36.62 and a market cap of $36.3 billion.
Polkadot (DOT) is the only one among the top ten players with weekly gains of more than 30%. However, looking at the developments in the Polkadot ecosystem, the DOT crypto is on its way to $50 and beyond.
The DOT ecosystem continues to grow with strength. It is, however, facing strong competition from new emerging players like Polygon, Terra, Solana, etc. Furthermore, Polkadot is witnessing some strong institutional money inflow recently. As per data from Messari, Polkadot (DOT) remains the most commonly held liquid asset by hedge funds and venture capitals.
The Polkadot Parachain Ecosystem
The Polkadot parachain ecosystem has been growing very fast recently. Last week, the KILT protocol managed to win the final slot.
Polkadot-based Kusama has successfully conducted their first round of parachain auctions and is now moving to the second round. As crypto analyst Lark Davis explains, Moon River turned out to be one of the best auctions during round one. He further notes:
Even if you had bought the top on KSM you would be up 10X on $movr, most who backed them are up 20 to 100X or more. And the real kicker with parachain auctions…. you get your KSM back at the end! This is solid proof Dotsama is a money maker.
The more KSM bonded the less there is available the higher the price will go, plus bonding makes super sicks gains, plus you get all your KSM back = M O O N.
These are some strong fundamental developments taking place in the Polkadot ecosystem. This will only increase the utility of the DOT cryptocurrency going ahead.
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