Centrifuge leads the current parachain slot auction on the Polkadot network
- Three days are left in the current parachain slot auction and Centrifuge has taken the lead.
- 10.7% of Polkadot issuance, 124 million tokens are locked in crowdloan for the Parachain slot.
- The Polkadot network has plans to improve its interoperability in 2022 with the help of Moonbeam.
- Analysts have predicted that the Polkadot price could make a higher low in continuation of its downtrend.
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.
This is for those who think I am larping
— Alejandro ™ .DOT (@Pastore1314) January 24, 2022
First and last time I show you a position
Long-term will pay off, stay strong$DOT https://t.co/ZcLgXJbfFe pic.twitter.com/rqDkcxJs0H
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
