Will Polkadot (DOT) Price Remain Collared Under Sub $22 Range?

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The global cryptocurrency market is a cloud that holds numerous networks. While a majority of the networks have been far off the glimmer of the industry.

Notable ones in the industry, have managed to establish their reign, with distinct and exclusive traits. One such protocol is Polkadot, which has garnered the interests of the industry, with its parachains.

Polkadot and its parachains auctions are now called in synchronous. As the parachains rise in popularity.

Successively, Polkadot’s recent parachain auction spectates stiff competition amidst potential contenders fighting for the slot. In contrast, the Polkadot emerges as the lowest energy-consuming and carbon-emitting network.

Will This Report Help Polkadot In Being Investors First Choice?

Polkadot in a recent report from the Crypto Carbon Rankings Institute (CCRI) has emerged as the lowest electricity-consuming network. Whilst being the least carbon-emitting network per year.

The protocol has left behind the likes of prominent networks such as Bitcoin, Ethereum, Solana, amongst others. 

Learning from the report, it is understood that the Polkadot network consumes about 6.6 times the electricity consumed by the average U.S household in a year.

In comparison, Ethereum uses 1.6 M times the U.S households, whilst the star crypto Bitcoin uses 8.6 Million times the households.

In contrast, Polkadot has allocated about 993,286 DOT, worth over $21 million, for the Polkadot Pioneers Prize. The initiative is in a view to stimulate the development of the ecosystem and the highly anticipated Web3.

The contenders need to compete to solve some of the persistent challenges faced by Polkadot and Web 3.0 to win the allocated prizes.

Coming to Polkadot’s parachain auctions, the current batch of auctions sees stiff competition. While Efinity, Composable Finance, and Centrifuge have secured their slots.

Hydra DX a multi-headed liquidity Omnipool is expected to be the next. Whilst Interlay would acquire a spot to bring in trustless Bitcoin to parachains.

In conclusion, while numerous factors have been in favor of Polkadot, the DOT price has been lacking the zeal for a moonish flight. As the digital asset continues to trade at $21.38 with negative gains of 4.5%.

The community is optimistic about DOT climbing higher cliffs, as the network continues to work on updates and funding emerging projects. 

In the interim, community-building initiatives such as being a sponsor to FC Barcelona could take the protocol to higher market cap rankings in near future.