All eyes today are on the Polkadot (CCC:DOT-USD) network. After becoming a highly sought after play on the ongoing Web 3.0 explosion, DOT is now reaching a massive new milestone getting into the swing of the week. The DOT crypto could be one of the biggest winners going into the new year, and an upswing in trading volume suggests investors are catching onto this. Now, Polkadot price predictions are becoming a hot topic.
The Polkadot network is getting a fair bit of chatter as a Web 3.0 play. Backed by the Web3 Foundation, Polkadot is pulling a lot of interest as it promotes itself as the next step in the future of the internet. Its web of parachains is a unique model for a network, and it is proving itself to be worthy of the hype. Indeed, investors are talking a lot about Polkadot as it continues to check boxes off of its road map, while simultaneously gathering an impressive bit of capital.
A large part of both this capital raising and the road map execution is the network’s parachain auctions. Beginning in November, the network launched the first of its auctions, where blockchain projects aggressively fundraised in order to lease their very own dedicated parachain. Parachains are known as a Polkadot staple; projects on the network each get their own dedicated space to develop and grow out, with support by the broader network. These chains can also bridge data with very fast speeds, considering they all exist within the same ecosystem.
The first of these auctions saw Acala (CCC:ACA-USD) win the spot, with a whopping $1.3 billion in DOT pledged. Now, with the first five of 100 auctions wrapped up, the network is beginning to let its ecosystem bloom.
Polkadot Price Predictions: Where Will Parachains Take the DOT Crypto?
With the first five parachains in the hands of the highest bidders, it’s time for Polkadot to start delivering the robust, interconnected ecosystem it has been promising. That time is upon us, as Polkadot’s five flagship parachain lessees saw their projects launched on Saturday.
Right now, users are able to access the Polkadot network and take advantage of the projects at hand; the projects range from DeFi to network scaling to smart contracts. But while this massive moment for the network takes shape, DOT prices have not reflected the magnitude of the milestone. Prices remained relatively stable through the weekend.
Regardless of this lack of an immediate price swing, the event still stands to be a major catalyst for DOT. Indeed, these parachains are the entire point of the network; as adoption picks up and more of these parachains fill in, the price of DOT will rise. Let’s take a look at some Polkadot price predictions and see where analysts expect the coin to go from here:
- CoinPriceForecast expects DOT to close out the year with a $2 gain, putting the coin at $27. However, by the end of next year, the site is predicting a price of $49 for the coin.
- DigitalCoin expects DOT to be worth $39 by the close of 2022.
- Wallet Investor is the first outlet to predict a surge past the $50 milestone. By the end of next year, the site is eyeing a value of $50.50 for the coin.
- Far more bullish than the rest of the pack is Gov Capital. The site is expecting a price well over $100 in the next 12 months. Indeed, it expects DOT to be trading at $132 in December of 2022.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.