As a long-term crypto investor with experience in the market, I’ve seen Polkadot’s (DOT) rollercoaster ride since its impressive 2021 rally. Despite the hype and popularity surrounding it, DOT has struggled to regain its footing and reach new highs. The token’s performance has been disappointing, with price fluctuations that left investors feeling disillusioned.
Polkadot experienced a notable rise in the market during its 2021 peak, reaching the highest trading points in its history. However, since then, the price of DOT tokens has been steadily declining and has yet to approach their all-time high (ATH) target for the past two and a half years, even during bullish markets like March’s surge. Although DOT saw a substantial increase in price during that period, which was double the average, this uptrend was short-lived. Currently, Polkadot’s price is 89% below its ATH and remains stagnant, but recent discussions surrounding an ETF could bring about significant changes.
Analyzing The DOT Price Performance
Following its debut, the DOT token rapidly piqued the interest of investors due to significant price increases reaching numerous peaks. However, a sharp decline ensued, causing a prolonged slump for the altcoin. Over the past three years, the maximum value DOT reached was in March 2024, when it soared to $11.54; however, this upward trend did not persist.
As a researcher studying the cryptocurrency market, I’ve observed that the recent market downturn significantly affected altcoins, including DOT, which hit a low of $5.02 on July 5. However, there was a glimmer of hope today as DOT experienced a 6.84% recovery, pushing its price up to $5.99. Regrettably, despite this small gain, DOT is still grappling with a 17% loss over the last month.
Coinbase Took Initial Steps For ETF Filing
A Defi specialist and crypto analyst named 0xNobel has revealed on platform X that Coinbase, a widely-used cryptocurrency exchange, is allegedly making covert preparations to launch a DOT Exchange-Traded Fund (ETF). According to 0xNobel’s post, the initial application process for this ETF has started and its first approval stage is scheduled for July 15.
Coinbase is secretly applying for $DOT ETF
The first stage of approval is already scheduled for July 15!
Polkadot ETF will be incredibly bullish for the entire ecosystem
— 0xNobler (@CryptoNobler) July 4, 2024
The exchange has already taken a significant step towards applying for the DOT Future Contracts, Future ETF, and the Spot ETF on June 28. As Polkadot is a famous network, the Polkadot ETF will be a massive hit per the admirers. The announcement has already spiked the Coinbase Derivates, and if the DOT ETF gets approved, it will be a major boost in the DOT price.
The news has already influenced the DOT token’s price, with it dropping further during the previous market crash. Nevertheless, the recent 6.84% increase over the past day has caused a rebound. Moreover, additional gains are anticipated. The introduction of the Conbase ETF could potentially enhance both network adoption and the long-depressed DOT token price.
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2024-07-06 20:13