Polkadot price to enter second leg up as Acala network wins first parachain auction

  • The first Polkadot Parachain auction ends at 12:55 CET today.
  • Moonbeam and Acala Network were the top two contenders for the Parachain slot.
  • Polkadot has gathered community feedback for updating the altcoin's brand.
  • Analysts expect a drop in DOT price before a trend reversal and hit a new all-time high.

Polkadot's first slot of Parachain auctions has ended with Acala network's win. The DeFi hub of Polkadot, Acala network, has $1.3 billion in total value locked. 

Acala network's win marks end of first Polkadot Parachain auction

The first Parachain auction on Polkadot has ended. Acala network and Ethereum compatible smart contract platform optimized for DeFi. The protocol has emerged as a liquidity hub for DeFi with built-in finance applications. 

Acala network and Moonbeam were neck to neck in the slot auction. DOT holders poured over 1.1% of DOT's circulating supply into the Acala network (crowdloan). 

The DeFi projects plan includes the release of a stablecoin on Polkadot and a building of a DEX. Karura, Acala's sister project, secured a Parachain slot in Kusama auctions earlier this year. 

Acala plans a DEX rollout by the first quarter of 2022. 

Historically, Kusama prices dropped immediately after the end of nearly every slot auction. This was followed by a KSM price rally ahead of the next slot auction. Analysts expect a similar price trend in DOT. 

Pseudonymous cryptocurrency analyst @Pastore1314 believes that DOT price will drop before a trend reversal . The analyst expects the DOT price to climb to a new all-time high.  

Analysts consider accumulating DOT at the current price, $39.18. @AltcoinSherpa recently tweeted:

FXStreet analysts have evaluated the DOT price trend and predicted a drop in Polkadot due to the rising selling pressure. Analysts have set the next target for DOT price at $45. 


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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Largest DeFi exploit of 2022 wipes out $80 million from Qubit's Ethereum-BSC bridge

Ethereum-BSC bridge of Qubit Finance suffered a hack to the tune of $80 million in the largest DeFi exploit of 2022. Hackers exploited the "deposit" function to steal cryptocurrencies from Qubit Finance. 

More Ethereum News

Decentraland bulls go against the bearish trend, targeting $2.60

Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out  28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level.

More Decentraland News

Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

More Cardano News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

More Bitcoin News

Bitcoin: Federal Reserve cannot tame BTC’s uptrend

Bitcoin experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed’s decision was announced. As losses have extended and Bitcoin has entered into the $30,000 zone, concerns regarding BTC being in a bear market have increased.

Read full analysis