Polkadot Price Prediction 2024: Platform Announces New Partnerships, What Next for DOT?
What's next for Polkadot?
Key Takeaways
- The Polkadot blockchain and its DOT coin suffered during the second quarter of 2023, with most of its key metrics down.
- The platform has announced that it was starting work on its next stage of development, known as Polkadot 2.0.
- Polkadot has not said what this upgrade will involve, but the platform announced new partnerships in June 2024.
- One price prediction says it may reach $54.53 next year.
Polkadot has gone through a tough few months. Although the United States Securities and Exchange Commission (SEC) does not consider it to be an unregistered security, it was hit badly by the news that the SEC was suing the Binance and Coinbase crypto exchanges.
However, there has been some encouraging news since then. The network, which allows people to create their blockchains, announced that Polkadot 1.0 was completed and the stage was set for Polkadot 2.0.
The news was tempered somewhat by the fact that it was not made entirely clear what Polkadot 2.0 would involve. The blockchain’s co-founder, Gavin Wood, suggested that it might involve allowing people to pay for the time they used, rather than the technology they were using itself.
In October, Wood’s Web3 Foundation announced that it was to invest 20 million Swiss Francs and five million DOT into Polkadot’s development community.
In January , Polkadot unlocked 26 million DOT.
Meanwhile, in June, Polkadot announced partnerships with the Heroic esports platform and the Polimec funding protocol.
Polkadot did not respond to a request for comment.
On June 6, 2024, DOT was worth about $6.35.
But what is Polkadot (DOT)? How does Polkadot work? Let’s see what we can find out, and also take a look at some of the Polkadot Price Predictions that were being made as of June 6, 2024.
Polkadot Coin Price Prediction
Let’s look at some of the Polkadot price predictions being made on June 6, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, meaning they can change over time.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $13.65 | $16.03 | $45.58 |
| Prediction #2 | $6.41 | $54.53 | $136.33 |
| Prediction #3 | $9.41 | $13.54 | $87.68 |
First, CoinCodex had a short-term Polkadot price prediction which said things would get better for DOT. It forecast the coin to go to $8.49 by June 16 before jumping to $21.41 on July 11. Despite this, the site’s technical analysis was bearish, with 22 indicators sending discouraging signals and just eight making bullish ones.
Polkadot Price Prediction for 2024
DigitalCoinPrice said Polkadot would trade at $13.65 in 2024. CaptainAltCoin thought DOT would close the year at $6.41. PricePrediction.net , on the other hand, said that the coin would reach $9.41 this year.
Polkadot Price Prediction for 2025
Moving on, CaptainAltCoin argued Polkadot would surge to $54.53 in 2025. PricePrediction.net thought DOT would trade at $13.54. that year. DigitalCoinPrice said the crypto would stand at $16.03 next year.
Polkadot Price Prediction for 2030
Looking at a more long-term Polkadot price prediction, PricePrediction.net said it would reach $87.68 in 2030. DigitalCoinPrice thought the coin would trade at $45.58 that year. CaptainAltCoin‘s DOT price prediction said it would be worth $136.33 at the start of the next decade.
Google Gemini AI Price Prediction for Polkadot (as of June 11)
Google’s Gemini AI platform gave the following price prediction for Polkadot on June 11. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are not entirely accurate.
Short-term (Next month):
- Possible increase of 5-12%. Reasons:
- Recent price gains suggest some bullish momentum.
- Overall market sentiment leans towards “greed” which can influence short-term spikes.
Medium-term (Next 6 months to a year):
- Predictions range from $7.27 to $21.30. Reasons for this range:
- Uncertain overall crypto market direction.
- Polkadot’s development progress and ecosystem growth will play a big role. Increased adoption of parachains (projects built on Polkadot) could boost DOT.
Long-term (Next 5-10 years):
- Predictions range from $8.69 to $48.73. Reasons for this wide range:
- Long-term crypto adoption and potential mainstream use cases heavily influence price.
- Polkadot’s success in achieving its vision of a scalable, interconnected blockchain network is a major factor. If it becomes a leader in interoperability, DOT could see significant growth.
Important to remember:
- These are just predictions, and the actual price movement can be quite different.
- Do your own research before making any investment decisions. Consider factors like overall market trends, regulatory changes, and Polkadot’s development roadmap.
Advantages and Disadvantages of Polkadot
Blockchain analytics company Messari recently released its quarterly report on the Polkadot coin . It highlighted how the platform’s ecosystem’s monthly active addresses had reached an all-time high.
It said that, between the start of January and the end of March 2024, Polkadot had
- A market cap of $12.7 billion, up year-on-year from $7.4 billion and quarter-on-quarter from $11 billion.
- Total revenue of $200,000, up year-on-year from $100 and but down quarter-on-quarter from $2.8 million.
- An average of 11,300 active daily addresses on Polkadot itself, up year-on-year from 6,900 and quarter-on-quarter from 10,100.
- An average 514,000 monthly active addresses across all parachains, up year-on-year from 272,200 and quarter-on-quarter from 347.800.
Advantages of Polkadot
Messari said that Polkadot
- Launched new support platforms for developers.
- Had one of the largest developer bases of any blockchain.
- Created new partnerships.
Disadvantages of Polkadot
Messari also said that Polkadot
- Had suffered following the SEC’s legal action.
- Had seen a drop in the money in its treasury.
DOT Price History
Let’s now take a look at some of the highlights and lowlights of the Polkadot price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Polkadot price prediction.
Although DOT has been around in one form or another since May 2020, for clarity we will pick up the story of DOT in August that year, when the coin was redenominated. This meant that, although its value deliberately fell by one-hundredth, there were also 100 times more DOT put into circulation, with holders rewarded proportionally. This meant no one ended up out of pocket.
Anyway, when DOT’s current incarnation launched in August 2020, it was worth about $2.80. It hovered around that level for a while but picked up pace in early 2021 when it shot up to a periodic high of $47.95. Although it fell dangerously close to $10 over the summer, it recovered in the autumn, reaching an all-time high of $55 on November 4, before it collapsed, closing the year at $26.72.
The last few weeks of 2021 were a preview for the horrors of 2022, when DOT, along with most of the rest of the crypto market, suffered through a series of market crashes. On December 31 last year, Polkadot was worth $4.31, representing a year-on-year loss of more than 80%.
Polkadot in 2023 and 2024
2023 ended up being a pretty good year for Polkadot, although it didn’t always look that way. Although a bullish market early on in the year saw the coin reach a high of $7.83 on February 19, things then declined. The worst point came on 15 June, after the market crashed in the wake of the United States Securities and Exchange Commission (SEC) announcing it was suing the Binance and Coinbase crypto exchanges. That day, DOT was worth just $4.28.
Polkadot has made something of a comeback, reaching a high of $5.67 on July 14. Although it fell nearly 10% to $5.13 on 18 July, the announcement of the completion of Polkadot 1.0 saw it make a recovery, and, on July 21, 2023, DOT was worth $5.68. After that it entered a decline, reaching a low of $3.60 on October 19. After that, a bouyant market saw it climb and it reached $9.57 on December 26. Polkadot closed the year at $8.19, an annual increase of 90%.
The crypto continued its downturn in the new year and on January 23, 2024, it was worth about $6.10. There was some recovery over the following months and by June 11 it was worth about $6.35.
At that time, there were 1.43 billion DOT in circulation, representing the total supply. This gave the coin a market cap of around $9.1 billion, making it the 14th largest crypto by that metric.
Polkadot Historical Price Data
| Time Period | Polkadot Price |
|---|---|
| Last week (June 4 2024) | $7.22 |
| Last month (May 11 2024) | $6.80 |
| Three months ago (March 11 2024) | $11.24 |
| Last year (June 11 2023) | $4.54 |
| Launch price (August 20 2020) | $2.78 |
| All-time high (November 4 2021) | $55 |
| All-time low (August 20 2020) | $2.69 |
Polkadot Price Analysis
Since reaching a peak of nearly $12 on March 13, DOT has been in a downtrend. By April 13, it had plummeted to just below $6—a 51% decrease—followed by a rebound to $7.50 on April 23. After dipping back to $6 on May 1, the price surged again, nearing its previous high, suggesting a possible uptrend, but reverted to $6 on June 7.
The recovery from April 13 could be the fourth phase of a five-wave decline or the starting uptrend’s first two sub-waves. This is why if DOT surpasses $7.50 and climbs above $8.50, it may indicate the start of a significant uptrend, potentially leading to a new yearly high above $15.
On the other hand, if it falls below $6, entering its horizontal zone below would likely mean DOT is headed for another lower low, falling to $5 on its next downturn
Is Polkadot a Good Investment?
It is difficult to tell. Although Polkadot 2.0 is undoubtedly exciting, that anticipation should be tempered by the fact that we don’t entirely know what it is going to look like.
That said, DOT is one of the larger, more solid, crypto platforms out there, and it has managed to bounce back from adversity before. It has followed the market in an upturn over the last few weeks.
The fact that it is not on the SEC’s list of potential crypto unregistered securities should also be considered a positive for the coin.
Meanwhile, the news of the Web3 Foundation’s grants shows a commitment to the Polkadot development community.
On the other hand, its performance so far this year has been less than stellar. Investors may want to consider their options when deciding where to put their money.
As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in DOT.
Will Polkadot go up or down?
No one can tell right now. While the Polkadot crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Polkadot?
Before you decide whether or not to invest in Polkadot, you will have to do your research, not only on DOT, but on other, related, coins and tokens such as Cosmos (ATOM) and Polygon (MATIC). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Who are the Founders of Polkadot?
Ethereum (ETH) co-founder Gavin Wood , blockchain researcher Robert Habermeier, and technology director Peter Czaban set up Polkadot in 2016. Wood holds a PhD from the University of York, while Czaban has an MA from Oxford.
Who Owns the Most Polkadot (DOT)?
The anonymous wallet with the most DOT held 8.05% of the crypto’s supply on June 11 2024.
Richest DOT Wallet Addresses
On June 11, 2024, the five wallets with the most Polkadot were
- 16ZL8yLyXv3V3L3z9ofR1ovFLziyXaN1DPq4yffMAZ9czzBD. This wallet held 88,848,120 DOT, or 8.05% of the total supply.
- 15j4dg5GzsL1bw2U2AWgeyAk6QTxq43V7ZPbXdAmbVLjvDCK. This wallet held 32,411,297 DOT, or 2.94% of the total supply.
- 12xtAYsRUrmbniiWQqJtECiBQrMn8AypQcXhnQAc6RB6XkLW. This wallet held 26,754,295 DOT, or 2.42% of the total supply.
- 13Z7KjGnzdAdMre9cqRwTZHR6F2p36gqBsaNmQwwosiPz8JT. This wallet holds 22,895,946 DOT, or 2.08% of the total supply.
- 13UVJyLnbVp9RBZYFwFGyDvVd1y27Tt8tkntv6Q7JVPhFsTB. This wallet held 33,527,446 DOT, or 3.04% of the total supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 1,437,953,431 |
| Circulating Supply (on June 11, 2024) | 1,437,953,431 |
| Holder distribution | Top 10 holders own 25.56% of total supply as of June 11, 2024 |
From the Whitepaper
Polkadot has two pieces of technical documentation. It has a detailed one, or whitepaper , and it has a more accessible one, called a lightpaper . They both say that Polkadot is designed to allow data to be transferred between blockchains.
The lightpaper says: “By bringing together the best features from multiple specialized blockchains, Polkadot paves the way for new decentralized marketplaces to emerge, offering fairer ways to access services through a variety of apps and providers.”
Polkadot (DOT) Explained
If the blockchain is king in the world of crypto, then it pretty much makes sense that someone might want to build their blockchain. If a cryptocurrency has its blockchain, it means that it is a coin, not a token, giving it a bit more credibility in some investor’s eyes. Not only that but running a blockchain can give developers more control over their platform.
Polkadot is a platform that allows people to pretty much build their blockchains. The conveniently named Polkadot (DOT) coin supports the network.
How Polkadot Works
The Polkadot blockchain is, basically, two types of blockchains in one. The main chain is called the relay chain and transactions are permanent there. The other sort of chain are parachains, which are the networks set up by Polkadot’s users.
Polkadot can handle more than one transaction at the same time. This means, at least in theory, that it is quicker and, by extension, cheaper, than some of its rivals.
The blockchain uses a form of the Proof-of-Stake (PoS) consensus mechanism called Nominated Proof-of-Stake (NPoS) to secure the network and add blocks to the blockchain. In NPoS, people who hold DOT can stake the coin to add blocks, but they can also nominate other people to serve as validators.
There are three different sorts of DOT holders on the blockchain. Validators run the computers, or nodes, which help the system run. Nominators help nominate validators and get a portion of the DOT the node runners earn, while Collators monitor transactions on the parachains and report them to validators.
DOT holders can also vote on how Polkadot is run. People can also buy, sell, and trade the coin on exchanges.
Polkadot Attention Tracker
Here is a chart for Polkadot Google search volume for the past 90 days. This represents how many times the term “Polkadot” has been Googled over the previous 90 days.
FAQs
Will Polkadot reach $100?
It might do but, if it does, it won’t be for a while. CaptainAltCoin said Polkadot would reach three figures by 2030, PricePrediction.net said DOT would reach that level in 2031, and DigitalCoinPrice said it would happen by 2033.
Keep in mind that DOT has never reached $100 before, with its all-time high of $55 coming in early November 2021.
What is Polkadot used for?
The DOT coin is used to help secure the Polkadot blockchain, allow people to vote on proposals to the network and reward the system’s users. It can also be bought, sold, and traded on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about this information’s completeness, reliability and accuracy. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
