Polkadot plows on despite market instability; New ATH ahead for DOT?

Polkadot DOT Efinity
Polkadot, DOT, Efinity, NFT,

Key Takeaways:

  • Polkadot gains on NFT boom, despite the setback on the crypto market.
  • DOT is on a bullish rise, possibly towards a new all-time high.

YEREVAN (CoinChapter.com) – Polkadot layer-one blockchain’s native token DOT gained 35 percent in the past week and 5 percent in the last 24 hours. Despite the heightened volatility on the crypto market as a whole, Polkadot did not comply. Instead, the booming NFT (non-fungible token) market was partially responsible for the strong bullish incentive.

NFT boom on Polkadot

Enjin CTO, a modular gaming platform, will join forces with Polkadot’s Efinity to seamlessly transition the NFT creation process into the gaming industry.

In detail, Efinity, an NFT-building platform atop Polkadot blockchain, is a cross-chain token connection to enable the widespread adoption of NFTs. The end users can access their NFT without creating a meta mask wallet and transfer their NFT holdings from one blockchain to another. 

Enjin CTO commented on their choice of layer-one blockchain. The company’s chief executive asserted that Polkadot is perfect for realizing Efinity’s general purpose.

“Polkadot is actually ideal for what we are trying to build. We are trying to put NFTs as the native/main token on the network. With Efinity, we can just remove friction points… people can start playing a game and basically receive, send and craft NFTs, and they won’t even know they are using Polkadot”.

asserted the CEO Witek Radomski.

Considering the usage of Efinity in the gaming industry, bridging the latter with the NFT sector promises to bring handsome rewards to both sectors. Moreover, as Polkadot will be at the core of the connection, it could also benefit greatly.

Also read: Polkadot-based Parallel Finance raises $22M; DOT jumps in response.

Meanwhile, the NFT market is raging in the DeFi sector. St. Petersburg State Hermitage, one of the largest museums in the world, raised $440,000 via NFT auction on Sep. 7. In addition, many musicians, actors, and other artists create their own NFT collections.

Actress Mila Kunis’ “Stoner cat” collection pulled in $8 million at the end of July. In addition, American rapper Doja Cat recently launched an NFT collection with 26,000 collectibles in early September.

Amid the growing Polkadot adoption, its DOT token also registered gains.

Also read: Bitcoin dips on death cross alert and dollar rally; is it a buying opportunity?

DOT daily chart

Polkadot advanced almost 250 percent since the uptrend of July 21. Unencumbered by the recent setback, the digital asset managed to gain 35 percent in the last week alone.

For the past month, DOT traded in an ascending channel. The upper trendline capped the bullish advances, and the bottom trendline prevented sharp falls.

Polkadot (DOT) in an uptrend. Source: DOTUSD on TradingView.com
Polkadot (DOT) in an uptrend. Source: DOTUSD on TradingView.com

The ascending channel formation does not predict any particular vector after the token leaves the pattern. However, the lower trendline and a support bar at $30 could propel the token towards its former all-time high of 49.8. Should DOT retest the noted support lines, it could be primed for a new peak.

Also read: Cardano (ADA) drops 6% after smart contract deployment; what’s next?

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