|

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. 


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

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.

More from Ekta Mourya
Share:

Editor's Picks

XRP extends breakout as ETF inflows, futures demand drive momentum

Ripple rises on Friday to trade above $1.40 as bulls aim for a continuation of the rally above $1.50. The remittance token is up by more than 12% on the day and over 40% since Monday, reinforcing the bullish outlook.

Bitcoin Weekly Forecast: The US Treasury saves BTC

Bitcoin extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history.

Chainlink hits seven-month highs amid strong DeFi, institutional demand

Chainlink is up roughly 8% on Friday, pushing the price up over 20% so far this week into double digits. DeFi ecosystem records daily DEX volume of over $9 billion for three consecutive days as TVL rises to $84.76 billion.

Crypto Today: Bitcoin, Ethereum, XRP bulls accelerate rally amid rising ETF inflows

The cryptocurrency market remains bullish on Friday, led by Bitcoin’s surge above $77,000. Altcoins, including Ethereum and Ripple, mirror BTC’s positive outlook, trading near $2,400 and $1.35, respectively.

Bitcoin: The US Treasury saves BTC

Bitcoin extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history.