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Polkadot (DOT) might have had a rough year with the coin dropping by a massive 86% from its price of $30.83 at this time next year, but its community members are unfazed and are optimistic there is some upside in the remaining days of 2022.
According to a price estimate feature on CoinMarketCap, more than 1,080 polled community members believe that Polkadot is on track to end the year with a 41.15% upside by New Year’s Eve. This price call means DOT is projected to close the year at $6.14 from its current trading price of $4.35.
DOT is one of the high flyers in the crypto ecosystem, whose price influence has eroded remarkably over the past year as the crypto winter bites hard. The coin has not only dropped in price and market capitalization, it has also moved away from the top 10 digital currencies and is currently placed at number 12 in the rankings.
Polkadot made its debut as one of the most unique blockchain protocols at the time, and with its parachain innovations, it remained on track to welcome the most diverse decentralized applications to the Web3 ecosystem.
DOT to ride on ecosystem diversity
The first five parachain slots awarded to Acala, Moonbeam, Astar, Parallel and Clover have already been seeing enough dApp growth to permeate the protocol. Arguably, the crypto winter has kept the price of Polkadot from soaring this year, and considering its previous all-time high (ATH) of $55 attained last year in November, there are still a lot of upside growth possibilities for the coin.
Drawing on its active partnerships, the community’s confidence in the future performance of the coin also hinges on its robust ecosystem and the chances that once the usage of the building of the app on parachains starts gaining patronage, there will be a significant rub-off effect on DOT. Whether or not this will happen before the year runs out remains unclear.
Alex Dovbnya
Dan Burgin
Vladislav Sopov