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

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
— Alejandro ™ .DOT (@Pastore1314) January 24, 2022

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.

Share: Cryptos feed

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.