Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions

Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions


In the early hours of Feb. 20 Polkadot (DOT) trading volume began to see a significant increase which helped propel the multichain protocol to a new all-time high of $42.28. 

Data from Cointelegraph Markets and TradingView shows that DOT hit a swing low at $29.36 on Feb.19 before experiencing a 44% breakout which took the price to a new 2021 high.

DOT/USDT 4-hour chart. Source: TradingView

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Excitement continues to build in the Polkadot ecosystem ahead of the upcoming parachain auctions which will allow the Polkadot network to connect with other established networks like Bitcoin and Ethereum.

The mechanism by which data is transferred between different blockchains is called “cross-chain message passing-lite,” and is currently being finalized during the Rococo phase of the project’s roadmap.

Once the code has been fully audited it will then be time for Polkadot governance to vote on enabling parachain functionality via a runtime upgrade, followed by a vote to begin slot auctions to add

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