Ever since Polkadot’s parachain auction schedule got approved in mid-October, the price of DOT has been on the upward trend. Earlier today, DOT managed to break its previous all-time high set in May and reached a historic high above $53.
Polkadot founder Gavin Wood has recently taken to Twitter to announce the 18.9 million DOT development fund worth approximately $776 million at current market rates. The funds will go towards “building, improving, educating,” according to Wood.
Bulls had the upper hand over the last 24 hours of trading activity in the cryptocurrency market. The total market capitalization has grown past $2.4 trillion, which is the highest value since mid-May. As such, it is not surprising that only 7 out of 100 largest cryptocurrencies by market cap are trading in the red zone. Here is a quick recap of today’s main market moves.
After Wednesday’s successful vote on a proposal to schedule the first set of parachain auctions, the price of Polkadot’s native DOT token has experienced a sharp price increase and has gained more than 20% in the span of four hours. Parachain auctions were first outlined in the project’s white paper five years ago, and now they are finally ready for launch.