Centrifuge leads the current parachain slot auction on the Polkadot network

Centrifuge, a real-world DeFi project, is leading the current parachain slot auction. Polkadot price dropped in the recent crypto bloodbath and analysts have predicted a downward continuation of the altcoin. 

Polkadot price could continue its downtrend 

With three days left in the current parachain slot auction, Centrifuge has taken a lead. Proponents believe that the project could win the slot auction. 

124 million Polkadot tokens, about 10.7% of the altcoin’s issuance is locked in a crowdloan. Over 25% of Kusama tokens are staked in crowd loans. Historically, an increase in staked tokens reduces the circulating supply of the altcoin. Shortage in supply fuels a bullish narrative for the price. 

Over 10% of Polkadot’s circulating supply has been locked in crowdloans, creating a shortage and fueling a bullish narrative for the Ethereum-killer’s price. 

The Polkadot network recently revealed plans to improve its interoperability with the help of Moonbeam, a new smart contract platform. 

Analysts have evaluated the Polkadot price trend and predicted that the altcoin could continue its downtrend. 

@Pastore1314, a crypto analyst and investor believes that the Polkadot price has bullish potential in the long term. 

The analyst believes that the Polkadot price could repeat its historical pattern and hit a higher low. 

FXStreet analysts have predicted that the Polkadot price could lose ground as it prepares for a 25% upswing.