As co-founder teases Polkadot 2.0, will DOT rise?

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Jul 9

Polkadot 2.0 will provide developers with greater flexibility by allowing for two sorts of sales.
DOT's price action was sluggish, but market indicators were bullish.

Polkadot [DOT] has always made headlines for its robust development activity over the years. The streak is still maintained with its latest teased upcoming update, which can be a game changer for the blockchain.

Realistic or not, here's DOT market cap in BTC's terms

In a recent interview, Polkadot's co-founder discussed an upcoming update that reflected the blockchain's vision. However, as of press time, the news had minimal impact on the token's price.

Polkadot 2.0 to arrive soon

Gavin Wood announced Polkadot 2.0 during his keynote speech at the Polkadot Decoded 2023 event. While doing so, he stressed upon a change in vision for the upcoming version.

Wood explained that the current lease model for cores would be replaced with a system of selling "core time."

Polkadot 2.0 will provide developers with greater flexibility by allowing for two sorts of sales- bulk and instantaneous. Robert Habermeier, a co-founder of Polkadot, stated in the interview that the update will turn the Polkadot blockchain into a "blockspace."

In order for projects to expand and succeed, Habermeier emphasized the significance of optimizing blockspace usage, which would facilitate simple initial deployment and ensure scalability without incurring excessive costs.

Polkadot's price did not react much

Major announcements around a blockchain are often followed by a volatile price movement of its native tokens. However, this is not the case this time, as DOT's price followed a sideways path.

As per CoinMarketCap, DOT's price only increased by over 1% in the last 24 hours. At the time of writing, it was trading at $5.19 with a market capitalization of over $6.2 billion, making it the 13th largest crypto.

Though the price showed minimal reaction, weighted sentiment around the token improved. DOT's social volume was also relatively high, reflecting its popularity in the crypto space.

Source: Santiment

How much are 1,10,100 DOTs worth today?

Good news for investors!

Though DOT's press time price action was dormant, the future might be different, as most of the market indicators favored the bulls. For instance, the distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA was declining, which increased the possibility of a bullish crossover.

Polkadot's Relative Strength Index (RSI) gained upward momentum. The same trend was also followed by its Chaikin Money Flow (CMF), suggesting that the token's price could increase in coming days.