Polkadot’s native token DOT began to surge after it received two votes of confidence from the leading crypto exchange Binance.
Recently Binance announced support for Polkadot projects through a whopping $10 Million fund.
Polkadot Native Token DOT Surges After Binance Home Page Listing
DOT native token started to surge after one of the biggest crypto exchanges, Binance announced s$10 Million fund in support of projects developed on Polkadot and its cross-chain protocol for asset interoperability. Binance Home page listed DOT/BUSD pair on its home page, signifying that it wants to highlight DOT among its traders to promote increased trading. Experts noted that the price of Binance token surged even more after Dot listed on Binance Homepage.
Polkadot blockchain enables various interconnected chains or parachain to work in tandem with each other. These parachains are more efficient and have higher productivity than Ethereum. The crypto traders constantly look for more viable alternatives that can probably outperform the world’s strongest cryptocurrency Bitcoin.
Binance said that they are setting up $10 million funds as part of its Binance Launch pool to motivate Polkadot projects and bring better DeFi experience to its users. Polkadot is fastest growing blockchain universe that supports computation, data transfer and cross-chain registries to offer high-end interoperability.
Through the $10 Million funds, the Polkadot projects could leverage the various resources available within the Binance platform and access the various tools, reaching out to millions of customers. Projects can access finance management, derivatives and media resources available with Binance ecosystem for increased efficiency. The company also said that the selected high-quality Polkadot projects would be reviewed for various factors like readiness for large scale adoption, the potential for contributing to cryptocurrency growth.
The price of DOT token surged massively skyrocketing the price to $7.68 at time of writing. The DOT price was recorded at $4.85 on Dec 23 ( Binance announced the fund on Dec 23).
As the price of Polkadot increased, cooling down the Bitcoin’s rally for a while as Bitcoin price dropped below $26000. With Bitcoin market cap dominance at almost 70 percent, likely altcoin season is on the way. Polkadot recorded substantial performance this week becoming seventh-largest tokens by market capitalization showing a daily increase of 22.5 per cent and 34 percent weekly.
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