Polkadot surges to a new all-time high ahead of parachain auctions

High-speed blockchain platform Polkadot has recently passed a proposal that enables registration and crowd loans for developers. The news has made the prices of DOT soar 15% to an all-time high. In response to the news, Polkadot’s native token DOT has climbed 15% higher in prices and is currently at $51.57.

The Polkadot team announced the news via the official Twitter handle on Monday (November 1, 2021). According to details shared on the Polkassembly platform, a network upgrade proposal that would allow developers to register parachains and seek crowdloan funding for projects successfully passed the Polkadot Council.

The latest development comes less than a month after Polkadot announced that its parachains are ready to launch, with November 11, 2021, set as the date for the take-off. Additionally, the first batch of the parachain auctions will last for five weeks, with one auction per week. There would be a total of 11 auctions released in two batches.

Meanwhile, parachains were already being deployed on Polkadot’s canary network, Kusama, beginning in June, with Karura winning the first-ever parachain auction on the network. Since then, ten other parachains have been auctioned on Kusama.

Cryptocurrency exchange giant Binance also announced that the platform would support the Polkadot Parachain Slot Auction scheduled for November. With the Kusama parachain deployments already successful, the Polkadot blockchain network is looking to connect to the first-ever project.

The prices of DOT have responded positively to the news and have shot up to a striking 15% to an all-time high as compared to its previous all-time high in May at $49.35.

Data from Cointelegraph Markets Pro and TradingView shows that momentum for Polkadot’s native DOT coin has been on the rise over the past couple of months, with its price rising 95% from a low of $26.05 on Sept. 29 to a new all-time high at $51.57 on Nov. 1 as its 24-hour trading volume surged 135% to $2.93 billion.

The rising strength of DOT is largely due to the upcoming launch of parachain auctions on the Polkadot protocol. It’s likely that traders are looking at the success of the parachain auctions that took place on Polkadot’s sister network, Kusama, and expecting the same to occur for Polkadot.

Polkadot’s parachain auctions have been in development throughout 2021, and the excitement surrounding their Nov. 4 launch appears to be the driving force behind DOT rallying to a new all-time high at $51.57 on Nov. 1.

As reported before, the initial five Kusama parachain auctions have gone off between June 15th and July 20th, and five winners have been chosen. Here is more information about who they are.