Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Is Polkadot Preparing For A 100% Surge And Spike Above $20?

Share This Post

Polkadot, the interoperable blockchain, remains one of the largest and most popular networks in the top 20. At press time, DOT, the platform’s native currency, is 14th, ahead of Tron and the NEAR Protocol.

However, despite recent gains, it is still down 87% from all-time highs, undeniably facing a brutal market correction.

Even with this bearish sentiment, a wave of optimism is building around DOT’s future. Taking to X, one analyst thinks not only will the coin shake off weakness but will surge, rallying to over $20 in the coming months.

This confidence, the analyst said, will be primarily because of crucial developments in the broader Polkadot ecosystem.

Eyes On Polkadot 2.0, Better On-Chain Governance

Of the many, the analyst thinks the upcoming Polkadot 2.0 upgrade will be a game-changer. Already, Polkadot is interoperable and scalable. However, once the new upgrade comes into play, the platform’s developers expect the network to be more interoperable, scalable, and with better governance.

Specifically, to address scalability, they will eliminate the Parachain slot auction and introduce the concept of coretime. This feature will give developers more flexibility.

Instead of bidding and locking resources in the auction, they must purchase block space dynamically as needed. This will improve resource allocation, leading to more accessibility and efficiency.

Additionally, Polkadot developers are introducing the OpenGov system for more decentralized governance. The objective here will be to give all DOT holders a voice in decision-making, which is crucial in decentralized networks.

JAM Upgrade Proposal Passed, Will DOT Bulls Break $8?

The network is also preparing for more changes. The community recently approved the Join-Accumulate Machine (JAM) chain.

JAM ratification vote passed | Source: Polkadot

The proposal, which was unanimously passed by the community, paves the way for developers to build services similar to Ethereum smart contracts directly on the Polkadot Relay Chain. Gavin Wood, the former Ethereum developer who introduced the proposal, said this would make the network more accessible.

Beyond network-related upgrades, the analyst also said that more DOT’s are being locked, which is a huge boost. Usually, with staking, coins are taken out of circulation, increasing scarcity. If more activity and the demand for DOT increases, it would positively impact the price, helping lift it from the current ranges.

Polkadot price trending sideways on the daily chart | Source: DOTUSDT on Binance, TradingView

As of June 3, over 1.4 billion DOT were in circulation. By the fourth week of May, over 820 million DOT had been staked. Looking at the price chart, if the coin breaks above $8, the incentive to stake and early rewards plus capital gains will increase.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Top Indicator Says It’s Not Over Yet As Parabola Signals Fail

Despite price pullbacks and recent market volatility, a crypto analyst has predicted that Bitcoin (BTC) may still have room for another parabolic rally The analyst cited historically reliable top

Vitalik Buterin praises real-time ZK proving milestone, but urges caution

Ethereum co-founder Vitalik Buterin acknowledged a major breakthrough in zero-knowledge (ZK) technology this week, calling recent developments in real-time proving a “truly amazing” step

Texas House Approves Strategic Bitcoin Reserve Bill, Awaits Governor’s Signature

The Texas House passed Senate Bill 21 (SB 21) on Wednesday to create a state-managed bitcoin reserve, advancing it to Governor Greg Abbott’s desk for final approval or veto within 20 days

Bitcoin, Ethereum, and Lightchain AI Climb Towards a Bull Run Moonshot

This content is provided by a sponsor Is the crypto market gearing up for its next big breakout All signs suggest that Bitcoin ( BTC) and Ethereum ( ETH) are building momentum for a massive bull run,

Solana’s new Seeker phone ships with SKR token as economic engine

Solana Mobile revealed it will ship its Seeker smartphone with a new token called SKR, which will serve as the “native token of the Solana Mobile economy,” according to a May 21

SEC Stalls Spot XRP And Dogecoin ETFs—No Fast-Track For Crypto Yet

The US Securities and Exchange Commission (SEC) has hit the brakes on four closely watched crypto‐exchange-traded product filings, instituting formal proceedings on spot XRP and Dogecoin exchange