Polkadot Surges After Binance Home Page Listing, $10M Endorsement

Prices for DOT, the native token of Polkadot and its cross-chain protocol for data and asset interoperability, have risen more than 40% in the last week after two votes of confidence by Binance, the biggest crypto exchange by spot trading volume.

At the time of writing, DOT was at $7.21, according to data from Messari, up 17.27% in the past 24 hours, and up 41.36% in the past seven days.
The currency's ascent began on Dec. 23 when Binance announced a $10 million fund to support projects on Polkadot.
DOT really took off, however, on Dec. 28 after Twitter users noticed the ETH/BUSD pair on Binance's homepage had been replaced by the DOT/BUSD pair, giving DOT a lot more exposure.

DOT/BUSD pair on Binance surged in the past two days with increased trading volumes.

Some retail traders have been looking for tokens that could potentially outperform bitcoin in the short term after the No. 1 cryptocurrency by market capitalization briefly surpassed $28,000 on Sunday, according to Mable Jiang, principal at crypto hedge fund Multicoin Capital.
Founded by Ethereum co-founder Gavin Wood, Polkadot is a blockchain network that supports various interconnected sub-chains called "parachains."
"Parachains" can run higher transaction throughput than Ethereum because of its more sophisticated design, as CoinDesk reported previously.

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Muyao Shen

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