The price of Polkadot’s DOT token has seen notable gains recently, up around 5% today. Part of the reason for this latest price hike seems to be due to major treasury funding for Polkadot ecosystem growth and development.
On January 12th, 2024, the Polkadot treasury funded over 1 million DOT worth of proposals. Crypto industry personality @CryptoCappex broke these down in a recent Twitter thread. He explained the treasury is allocating funds to expanding tools around NFT capabilities, oracle solutions, SDK development, marketing efforts, and more.
@CryptoCappex believes these investments demonstrate “a holistic approach to development and growth.” He thinks understanding where treasury funds are directed is key for DOT holders to “anticipate the network’s trajectory.”
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Show more +Show less –Accumulation Underway at Support
In addition to the fundamental boost from treasury funding news, some analysts see bullish signs in DOT from a technical perspective.
Influential trader Michaël van de Poppe (@CryptoMichNL) noted DOT is “on the edge of hitting a higher timeframe support level.” He is personally “accumulating at these regions” between $5.60-$6.00 to prepare for an “upwards run” in altcoins.
So the combination of strong on-chain development activity and bouncing off key technical levels has traders optimistic about further upside for Polkadot. The network enhancements could drive real-world adoption, while oversold conditions may spark a relief rally.
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The post Why Is Polkadot (DOT) Price Up? appeared first on CaptainAltcoin.
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