Polkadot investors expect further surge in the DOT token price as the upcoming parachain auction on the network leads to more and more tokens being locked up from circulation.
Though the current price of DOT at $51.61 is below its all-time-high of almost $55 reached on November 4, the market anicipates the announced parachain auction with hopes it will repeat Polkadot’s canary network, Kusama, success. This year, the chain that operates as Polkadot’s testing grounds, has managed to boost the price of its native KSM token from a low of $148.85 in July to its current price near $457.
According to Parachains.info, 21,260,181 DOT worth almost $1.1 million has been already locked to support the projects featured in the upcoming parachain auction on Polkadot, which is set to take place from November 11 to 18. The Acala protocol, which already has its sibling Karura present on Kusama, is a notable leader in the upcoming auction.
The parachains auction rules demand that funds must stay locked for 96 weeks. A minimum contribution to a crowdloan is 5 DOT.