Subscribe to Entrepreneur for $5
Subscribe

Polkadot Price Predictions: How High Can Parachain Auctions Take the DOT Crypto?

InvestorPlace - Stock Market News, Stock Advice & Trading Tips The DOT crypto is rising higher ahead of a hotly anticipated parachain auction catalyst. Here's where Polkadot price predictions stand....

By
This story originally appeared on InvestorPlace

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Investorplace.com - InvestorPlace

Among the cryptocurrencies in focus for investors today is Polkadot (CCC:DOT-USD). There are certainly a number of catalysts investors are watching with this cryptocurrency network. The upcoming parachain auction process has many intrigued with respect to how high the DOT crypto could go from here. Accordingly, a range of updated Polkadot price predictions are making the rounds.

Polkadot altcoin logo on pink background
Source: shutterstock.com/nurionstd

Polkadot announced earlier last month it had set Nov. 11 as the date for the upcoming parachain auction process. This auction process is a key milestone for the blockchain network to gain true interconnected status in the crypto world. Essentially, these auctions help give developers slots to build their projects on the Polkadot network. Up until now, this process has been running on Kusama (CCC:KSM-USD). This evolution will see developers use the DOT crypto to secure slots for their projects on the main Polkadot network.

As a key catalyst for Polkadot to stand out from the crowd, investors have reason to be excited. However, the blockchain network made another key announcement on Twitter today. Polkadot stated that a proposal that would allow developers to register their parachains and seek funding had passed its council. Now, a referendum just must pass with DOT crypto holders.

Any sort of movement that shows Polkadot on track with the auction process is a good sign, and the tentative Nov. 4 date for developers to register their parachains is promising. Today, DOT is currently seeing double-digit gains on the backs of this sentiment.

The motion to enable parachain registration and crowdloans has passed Polkadot's council and gone to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET. https://t.co/5ouDWBmnvc

— Polkadot (@Polkadot) November 1, 2021

Let’s dive into where the experts think Polkadot could be headed from here.

Polkadot Price Predictions

For context, DOT currently trades at $48.29 per token.

  • WalletInvestor currently has a 1-year and 5-year price target of $72.19 and $187.11, respectively for DOT.
  • CryptoNewZ projects DOT could hit $65 by 2022 and $74-$80 by 2023.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

More From InvestorPlace

The post Polkadot Price Predictions: How High Can Parachain Auctions Take the DOT Crypto? appeared first on InvestorPlace.