DOT up 14% due to Coinbase effect
Polkadot saw slight gains amid news of the arrival of DOT tokens on Coinbase Pro.
Users have already called this phenomenon the “Coinbase Effect”. Messari analysts previously claimed that the average yield of cryptocurrencies after listing on Coinbase is more than 90%, and the previous coin that experienced an “effect” on itself was Dogecoin, which grew by more than 30% on the eve of the Coinbase listing.
The DOT results were somewhat more modest the token added about 14% in price, breaking the $26 mark on Binance. However, some members of the crypto community believe that the expansion of Kusama the experimental “testing ground” of Polkadot, and the growth of the ecosystem as a whole could also be the reason for the growth.
The project team, meanwhile, is preparing to start auctions for the sale of slots for launching parachains based on Kusama. Participants will be able to place bets in a range of up to 8 periods of 6 weeks and indicate the amount of KSM they would like to block for a specific period. A total of 5 auctions are planned and the first one is planned to be launched today.
DOT itself is doing well and is trading at $24.35 on Binance at the time of writing.
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