According to recent news, “DOT” Polkadot token gained 60 % and surged to a new yearly record due to the major cryptocurrency exchange, Binance, new supporting plan for Polkadot network.
Polkadot Token Gained 60 % during a week
Recently, the major cryptocurrency exchange, Binance, stated that would allocate a $10 million funds to Polkadot-based projects.Polkadot-based projects are those, which use Polkadot-network as a part of their infrastructure. The price of Polkadot native token (DOT) gained 60% during a week after the positive news of Binance, and could almost hit $7.7 as a record.
Polkadot network is a blockchain-based project which is launched in 2017 via an initial coin offering (ICO) and aimed to create different inter-operate protocols besides improving scalability. This project became more popular as entered the Decentralized Finance field in the middle of 2020.
By allocation of $10 million funds, Binance stated that it aimed to encourage innovations using Polkadot network. In addition, Binance will provide more resources such as media, knowledge and financing management to the selected projects. Moreover, these projects can get access to millions of Binance customers.
It is notable that Binance would rank and select the projects using several criteria. The criteria consist of maturity of the project, the level of preparation for large scale use and a strong professional group.
As reported, besides allocating the fund for supporting Polkadot network, Binance listed DOT token pairs such as DOT/BUSD. It seems that news from the major cryptocurrency exchange had a great positive impact on DOT’s price. The token could hit $7.7 While, it was trading at $4.85 a week ago.
In contrary, Binance delisted Ripple XRP due to the SEC lawsuit. Consequently, XRP continued declining. Therefore, we can see the impact of major crypto exchanges stance towards digital currencies clearly.