Polkadot, (DOT), has overtaken (DOGE) and is now the 10th biggest cryptocurrency in terms of market value. This comes just 24 hours after a rally which pushed DOT’s price almost 12% higher.

According to Coingecko data, a protocol open-source that links previously incompatible blockchains has seen a 12% increase in.

After the price hike, Polkadot’s market capitalization (DOT) reached $11.435billion. It has now surpassed DOGE (the popular meme coin), whose market value is $11.282 billion at the time this article was written.

Why did DOT price go up?

The increased demand and higher than usual trading volumes last Friday have pushed DOT’s price from the lows of $8.56 to the $9.3 level to settle it as the new support zone.

The optimism was back, helping to propel DOT even higher. After breaking the 100MA at 9.48, and then shortly thereafter the 200MA of $9.77 (on the 1-hour price charts), DOT further climbed. The momentum was able to push DOT past the resistance at $10.33 and into the tops of $10.62. But, the price fell back to $10.10 Monday after it lost its momentum. It is possible that DOT will break the $10.70 resistance and the price could rally to $14.80.

Apart from that, the price rise of DOT appears to be driven by the increasing interest in various protocols, which operate within the Polkadot’s ecosystem. Multiple recorded gains of over 25% in the past week.

Acala DeFi Platform (ACA) has raised $250 million for its growth stablecoin aUSD. In just a few days the tokens’ price jumped nearly 33%, reaching $0.4457 by Sunday.

Acala, nine parachain teams, and a group of venture funds have launched the $250 million ‘aUSD Ecosystem Fund’ The fund is seeking early-stage projects from any @Polkadot or @KusamaNetwork parachain with strong $aUSD stablecoin use cases https://t.co/OJ2V47ZUry pic.twitter.com/NDgLg2bG8N

— Acala (@AcalaNetwork) March 23, 2022

Astar (ASTR), a protocol built on the Polkadot’s money market AstridDAO, rallied upon Microsoft’s partnership announcement on May 25. ASTR saw a 56% increase in value, driving its price to $0.0867. Even though the price of ASTR lost almost all its gains over time, it soared by 16% on the weekend to $0.0663 before Monday.

Osprey Pokadot Trust in the U.S., which invests only into DOT, was the first to be traded publicly. It began trading via the over the counter market last week. This move will bring in more institutional investors to Polkadot.

In addition to that, the governance community of voted to deploy decentralized exchange (DEX) on Polkadot’s parachain Moonbeam and Gnosis chain earlier in May. Uniswap is currently Ethereum’s most popular DEX and the third-largest DeFi protocol with $7.04 billion of total value locked.

Flipside

• The projects built on top of Polkadot (DT) are growing, and the protocol itself has a solid real-world value, suggesting that the Polkadot’s growth trajectory could be much larger. The price of DOT could drop to $8.30 if it fails to surpass the $10.70 resistance.

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