The launch of DOT tokens on Coinbase Pro boosted Polkadot’s price somewhat.
This phenomenon has already been dubbed the “Coinbase Effect” by users. The average yield of cryptocurrencies after listing on Coinbase is more than 90%, according to Messari researchers, and the last coin to experience an “impact” on itself was Dogecoin, which surged by more than 30% on the day before the Coinbase listing.
The DOT results were a little less impressive; the token gained roughly 14% in value, breaking the $26 barrier on Binance. However, other members of the crypto community believe that the extension of Kusama, Polkadot’s experimental “testing ground,” and the ecosystem’s overall growth could also be factors.
Meanwhile, the project team is prepared to begin auctions to sell spots for parachains based on Kusama. Participants will be able to place bets for up to eight 6-week periods and specify the amount of KSM they want to block for each period. There will be a total of five auctions, the first of which will begin today.
DOT is doing well, and at the time of writing, it is trading at $24.35 on Binance.