- 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.
Congratulations to @AcalaNetwork for winning Polkadot's first parachain auction!
— Polkadot (@Polkadot) November 18, 2021
Acala will be onboarded at block #8179200 [Dec. 18] at the beginning of lease 6 with the other first 5 auction winners. Over 81K network stakeholders locked up DOT in favor!https://t.co/ZFSzezZAFX pic.twitter.com/Xn0hItfHrm
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.
$DOT
— Alejandro ™ .DOT (@Pastore1314) November 18, 2021
Keep an eye on this scenario
If this happens, you know the deal amigo pic.twitter.com/hPT02fhrZM
Analysts consider accumulating DOT at the current price, $39.18. @AltcoinSherpa recently tweeted:
$DOT: more chop as expected...Not a bad time to accumulate but not a great active trade IMO. #DOT pic.twitter.com/3SVXg16JuI
— Altcoin Sherpa (@AltcoinSherpa) November 18, 2021
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.
Recommended Content
Editors’ Picks
Will the FOMC minutes make or break Bitcoin’s uptrend?
Ahead of the FOMC minutes release Bitcoin withdrawal from exchanges continued. Proponents expect the market to react to signs Fed members will continue with more aggressive interest rate hikes, increasing the pressure on Bitcoin price.
Why Cardano price action could see a 23% upswing soon
Cardano (ADA) price action is puzzling as, on the one hand, a continuation of the summer rally is still very much granted, but unfortunately, the recent pullback has not made it.
Which Bullish setup is in play to trade ETC price action?
Ethereum Classic (ETC) is trading inside a bullish right-angle triangle that forecasts a breakout above $48.33 and a target at $52.44, with the monthly R1 resistance level in the middle as a pivotal point for some profit taking.
Ethereum price could drop to $1,500 if bulls do not defend this level
Ethereum price shows a lack of buying pressure, which has led to a range formation. This development could tilt in bears’ favor if a certain support level is breached.
Bitcoin: If bulls lose control here, BTC could revisit $21,000
Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection, its technicals support a bearish outlook for the leading crypto.