The host of Coin Bureau says a highly anticipated development from Polkadot could push the value of DOT to greater heights.
The pseudonymous crypto trader Guy tells his 1.42 million YouTube subscribers that Polkadot could be ready to rise following the launch of the blockchain’s parachain slot auctions.
“Now the silver lining here is that DOT has held up quite well in recent dips compared with other major cryptocurrencies.
And there’s also one major milestone that could easily take DOT to new all-time highs, and that is Polkadot’s own parachain slot auctions.”
Parachains are layer-1 blockchains connected to the Polkadot network. The auction determines which blockchains integrate into Polkadot’s relay chain to access the network’s interoperability features. Investors supporting a particular blockchain will have to bid their DOT tokens to have a shot at securing a parachain slot.
Guy mentions that parachains were initially supposed to launch by the end of Q3 but have been delayed due to an incomplete audit on DOT’s parachain code.
Guy argues that while the delay in the parachain audit may have hindered DOT’s price performance in recent months, investors can expect more bullish sentiment now that the crypto market has resumed its uptrend.
“This ultimately boils down to the repeated delays of its parachain slot auctions which should’ve begun months ago. From where I’m standing, Polkadot has already satisfied the prerequisites for this to happen, and I personally find it hard to believe that they’re being held back by an audit. I think it’s much more likely that Polkadot’s developers are just waiting for the right moment to make the announcement.
Between May and August, the crypto market wasn’t looking all that hot. Running parachain slot auctions during that time would not have been wise as DOT’s hype card would be used up for pathetic percentage gains. In September, the Chinese government cracked down on crypto. Running parachain auctions during that time would have been borderline insulting to all the Chinese investors who’ve been waiting for them.
Now, we’re in October. The crypto market is up, Gavin is back on Twitter, and although Bitcoin is in the spotlight at the moment, as I mentioned in the introduction, that rotation into altcoins is coming. When that happens, it will be the perfect time for Polkadot’s parachain slot auctions, and I won’t be surprised in the slightest if that’s when the first round begins.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Voger Design
