• Polkadot (DOT) is currently the 12th largest cryptocurrency, with an overall valuation of a little over $5 billion.
• DOT showed a comparatively low tendency to cause price inconsistency, and investors are advised to forgo buying DOT coins in the short-term.
• Polkadot has been consistently providing infrastructure to other chains over its multi-chain network, Kusama. This year has been no different, with integrations with node services, NFTs, and dAPP staking mechanisms.
Polkadot (DOT) is today the 12th largest cryptocurrency with an overall valuation of a little above $5 billion, down by more than 90% of its all-time high of $55 (November 2021). The crypto bloom summer has seen DOT’s price hover around the $6 region, and it has been consistently providing infrastructure to other chains over its multi-chain network, Kusama.
Despite the bearish market, DOT showed a comparatively low tendency to cause price inconsistency. In fact, investors are advised to forgo buying DOT coins in the short-term due to its unsatisfactory performance. This year, the crypto has seen integrations with node services, NFTs, and dAPP staking mechanisms, and Polkadot has also provided updates on their Roadmap Roundup.
The blog post described the Asynchronous Backing which aims to reduce the duration of parachain blocks to six seconds, increase the amount of block space available to each block by a factor of 5-10, and allow parachain blocks to be reused when they don’t make it onto the relay chain on the first try. With this update, the transactions per second (TPS) capacity of the network is also expected to increase in aggregate to 100,000-1,000,000.
Prior to its launch, the Polkadot project had raised over $144.3 million through the Web3 Foundation in an ICO itself in October 2017. The price of DOT then kept oscillating between $4 and $5 throughout the rest of 2020, and it has seen a consistent decline ever since. The project has made progress towards its development, with the Asynchronous Backing update expected to bring major improvements to the platform.
Given the current bearish market, investors are advised to forgo buying DOT coins in the short-term, and instead, wait for a better entry point. However, given that Polkadot is a long-term project, investors are recommended to be patient and wait for the price to stabilize to maximize their returns.