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Polkadot (DOT), a protocol that transfers any type of data and digital asset through its cross-blockchain operations, is all set to debut on Coinbase Pro.
Ahead of the debut on Wednesday, June 16, DOT tokens jumped as much as 16 per cent in the span of 24 hours. Its token zoomed over US$ 25 apiece on Monday, June 14.
On the other hand, stocks of Coinbase Global Holdings (COIN:US, NASDAQ:COIN) surged nearly seven per cent on Monday.
What is Polkadot?
Polkadot, a blockchain network, is capable of executing multiple transactions on several chains simultaneously, supported by the parallel processing power that enhances scalability.
Polkadot ranks eighth among its peers in terms of market cap (over US$ 27 billion), as per data available on the CoinMarketCap’s website.
It currently has a total circulation of 1.07 billion tokens, trading in the range of US$ 21 to U$ 26 apiece.
DOT swelled over 245 per cent this year, in line with rival Ethereum, which is up over 250 per cent year-to-date (YTD).
How can a listing on Coinbase Pro impact Polkadot?
A listing on the largest US-based crypto exchange will help Polkadot get an exposure to some 56 million crypto investors. The crypto exchange has operations across 100 countries and a quarterly volume turnover of about US$ 335 billion.
Polkadot could likely continue its price rally and breach a US$ 30 apiece milestone this week on the back of this listing announcement. It has already been trading on top exchanges like Binance, HBTC, OKEx, and Huobi Global.
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Polkadot’s price predictions
Polkadot achieved its lifetime high price of US$ 49.80 apiece in mid-April. It then tumbled almost 50 per cent following the May 19 crypto market crash.
Some crypto analysts believe that Polkadot’s Relay chain network works as efficiently as Ethereum’s layer-2 scaling. Hence, its price could rebound to its all-time high by the end of the third quarter of the current calendar year.
It could also achieve a US$ 100-mark by the end of this year, which would depend on the overall market performance and the rising demand for blockchain technology.
Currently, Polkadot is placed below Dogecoin, Stellar and Cardano. It could become one of the top five tokens in the market in terms of market cap, especially if the Coinbase listing adds more weight to its rallying price.
However, experts note that any bear market trading signal could cause a pullback in Polkadot, and it could take support at U$ 17 per token.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.
