Polkadot (DOT), a blockchain network focused on “true [blockchain] interoperability” and one of the top 10 ICOs of 2017, has entered the top 10 ranking of the most valuable cryptoassets, data from ranking website CoinGecko shows.
As of press time on Tuesday (11:45 UTC), Polkadot’s new DOT tokens were ranked as the 7th most valuable cryptoasset, ahead of well-known crypto projects like Cardano (ADA) and Litecoin (LTC), and only about USD 1 billion behind Bitcoin Cash (BCH) in terms of market capitalization.
The impressive climb in Polkadot’s ranking came after a massive 18.3% rally for the DOT token over the past 24 hours, with the token currently trading at USD 4.84. The gains also positioned DOT as today’s best-performing asset among the top 20 cryptoassets by market capitalization, according to CoinGecko, which so far seems to be the only major tracking site that accounts for the full circulating supply of DOT tokens.
Other sources, such as crypto research platforms Coinpaprika and Coinmarketcap, do not have the coin in the top 10 list – they don’t have the information on DOT’s market capitalization at this time at all.
The gains today follow a redenomination of DOT tokens on August 21, with ‘New DOT’ now being 100 times smaller than the old version of the token. Meanwhile, all token balances will also increase by 100 times, keeping the value of all token holdings the same as before, according to an announcement from Polkadot.
And despite the tokens just recently being (re)launched, they are already trading on a number of major exchanges, including Binance, OKEx, Kraken, and Bitfinex, which may have contributed to the boosted interest in the token among traders.
Further, it’s also worth noting that the recent price growth for the DOT token comes after the project received attention from the likes of Spartan Capital partner Kelvin Koh, who just this weekend said that “Polkadot should be worth at least $5B,” which would suggest a price of more than USD 5 per token.
However, with token holders already having seen large gains on their investments, some members of the crypto community are starting to worry that the rally is already behind us:
“It feels like most of the money that’s going to be made already has been made. Thus I can’t image the upside is tremendous from here and that most buying from here on will lose. But what do I know. This market is insane,” one Twitter user said on Sunday.
Others, meanwhile, opined that the token may have more room to grow, with one user saying: “Floor is established IMO, and with ETH running, I could see DOT following in parallel.”
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