Polkadot Price Prediction, will DOT’s price hit $7.17?
Polkadot’s price at the same time last week was $5.17. It has moved by 11.85 % in the past week and is currently at $5.98. Infact, in the past 24 hours, DOT has pumped by 7.87 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and DOT could hit $7.17 in 2024.
The total circulating supply of Polkadot as of writing this article was $1304394390.63 and the marketcap of DOT remains at $7,754,028,457
Disclaimer
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
About Polkadot
Polkadot (DOT): An overview
Source: Polkadot.network
Polkadot (DOT) is a multi-chain blockchain platform designed for interoperability in the Web 3.0 era. Its core function is to bridge disparate blockchains, whether private, public, or permissionless, into a cohesive network.
By allowing data transfer across any blockchain, Polkadot introduces scalability and security and broadens real-world applications. The platform envisions a decentralized internet where blockchains communicate trustlessly, encompassing not only existing networks but also future technologies.
The DOT token is the native cryptocurrency of the Polkadot network. It serves multiple purposes within the ecosystem, playing a central role in both the operation and governance of the platform. Here are the primary uses and functionalities of the DOT token:
Staking: Polkadot operates on a Nominated Proof-of-Stake (NPoS) consensus mechanism. Token holders can stake their DOT to support the network's operation.
Bonding: To secure a parachain slot on the Relay Chain, projects must participate in parachain slot auctions by locking up (or "bonding") a certain amount of DOT. If they win the auction, their DOT is bonded for the duration of the parachain lease, after which it's returned. If they don't win, the DOT is returned.
Governance: DOT holders have a say in the governance of the Polkadot network. This includes voting on protocol upgrades, changes, and various proposals. The DOT token allows its holders to influence the direction of the network's development, ensuring that decisions are decentralized and representative of the community's wishes.
The supply of DOT varies with each era. It has an inflationary nature, featuring a set 10% yearly inflation rate, and there's no upper limit to its supply. This inflation rate can be modified via a referendum. The current circulating supply of DOT is 1,230,119,743.
The Polkadot ecosystem
Source: Polkadot.network
Below is a detailed breakdown of the network structure and how everything functions:
Technology
Substrate: This is a modular blockchain-building framework developed by Parity Technologies. With Substrate, developers can create their own blockchains tailored to their use cases without having to code everything from scratch.
WebAssembly (WASM): WASM is a binary instruction format designed as a portable target for the compilation of high-level languages like C, C++, and Rust, enabling deployment on the web and other environments.
Polkadot utilizes WASM for its state machine, meaning that the logic that defines its blockchain (like how transactions are processed) is compiled into WASM. This allows for easy upgrades and flexibility, as new runtime versions can be deployed without requiring a fork.
libp2p: Developed by Protocol Labs (the same team behind IPFS), libp2p is a modular network protocol stack that allows building your own peer-to-peer (P2P) applications.
Polkadot employs libp2p for its networking layer, facilitating peer discovery and communications. It's a significant part of the decentralized nature of the platform.
Architecture
Relay chain: At the heart of Polkadot is the Relay chain, which is the central chain that provides security for the entire system. It handles consensus and finality and ensures that transactions across parachains are consistently ordered.
Parachains: Parachains are distinct blockchains that plug into the Relay chain and benefit from its security. Each parachain is optimized for its own specific use case, which means it can have different structures and governance models. The Relay chain coordinates all the parachains and ensures smooth interoperability between them.
Parathreads: Similar to parachains, parathreads also benefit from the Relay chain’s security and interoperability. The main difference is how they are connected to the Relay chain. Instead of having a continuous, dedicated slot like parachains, parathreads rent slots on a per-block basis, making them a cost-effective option for projects that don't require continuous connectivity.
Bridges: These are specialized blockchains (or modules on existing blockchains) that connect Polkadot with external blockchains, such as Ethereum (ETH) or Bitcoin (BTC). They enable communication and value transfer between Polkadot and these networks, facilitating cross-chain compatibility.
Polkadot employs a unique consensus approach that's a blend of different concepts and mechanisms.
NPoS
Proof-of-Stake (PoS) is a consensus mechanism where participants "stake" their tokens to become validators, which allows them to produce blocks and confirm transactions. The more tokens staked, the higher the chance to be chosen as a validator.
In Polkadot's NPoS, there's an additional layer. Token holders can become "nominators" rather than validators. These nominators can select a set of validator candidates they trust. The role of the nominator is to back certain validators with their own stakes as a sign of trust.
This mechanism ensures that a broader community is involved in the validator selection process, making it more decentralized and secure.
Hybrid consensus
Blind Assignment for Blockchain Extension (BABE): BABE is the block production mechanism in Polkadot. Validators are randomly selected to produce blocks in a rotating manner.
The "blind assignment" means that the selection of validators is unpredictable, ensuring that no single validator can monopolize block production. This randomness makes it difficult for malicious actors to predict and attack the network.
GHOST-based Recursive Ancestor Deriving Prefix Agreement (GRANDPA): While BABE is about producing blocks quickly, GRANDPA is about ensuring their finality.
GRANDPA achieves this by allowing validators to vote on chains and then finalizing entire chains at once instead of one block at a time. This mechanism provides high levels of security and ensures that once a transaction is finalized, it is immutable.
Roles within the ecosystem
- Validators: Responsible for validating and finalizing blocks on the Relay chain. They assess collator proofs and produce and finalize blocks using staked DOT tokens.
- Nominators: Back validators by staking DOT tokens. They enhance network security, support trustworthy validators, and earn a portion of block rewards.
- Collators: Maintain parachains, collect transactions, and produce proofs for Relay chain validators. They facilitate accurate block validation.
- Fishermen: Network watchdogs who monitor for malicious activities. They report dishonest actions, serving as the last line of defense in security.
Interchain communication
Polkadot's Cross-Consensus Message Format (XCM) protocol facilitates inter-chain communication, allowing diverse blockchains to share messages and value. By using XCM, chains within the Polkadot ecosystem can seamlessly interact without relying on central trust.
It underpins interoperability, supporting innovative cross-chain applications and over 600 projects in the Web 3.0 ecosystem.
Governance
Polkadot employs an advanced on-chain governance model designed to be adaptable and upgradable without forking.
- Token holders who possess DOTs play a central role in governance. They can propose changes, vote on referenda, and even elect members to the Council.
- The Council is a specialized group of DOT holders responsible for representing passive stakeholders, proposing referenda, and guiding the platform's direction.
- There's also a Technical Committee, composed of teams actively building Polkadot, which can propose emergency upgrades or changes.
Together, these entities ensure that Polkadot evolves seamlessly with the community's collective preferences and needs.
Kusama
Kusama is often described as a "canary network" for Polkadot, serving as an experimental, unrefined release of the Polkadot code. Its primary purpose is to provide a platform where developers can test new features and innovations in a real-world environment before they are introduced to the Polkadot network.
While it shares many similarities with Polkadot, Kusama has faster governance parameters and lower barriers to entry, making it ideal for startups and developers looking to launch parachains or try out new concepts.
History of Polkadot
Source: Polkadot.network
Gavin Wood, co-founder of Ethereum and author of its yellow paper, envisioned a multi-chain framework, proposing the idea for Polkadot in a white paper in 2016. His vision centered around creating a web of blockchains that could operate interdependently yet seamlessly.
In 2017, the Web3 Foundation was founded by Wood, Ashley Tyson, and Peter Czaban. This institution was instrumental in driving the research, development, and popularization of decentralized web technologies, with Polkadot being a focal project.
The following October, the foundation organized Polkadot's initial coin offering (ICO), which was highly successful, raising $145 million in less than two weeks.
A major hurdle arose when a notable portion of the raised funds was locked and rendered inaccessible due to a Parity wallet bug. This unfortunate incident delayed the development timeline for Polkadot. However, the team remained undeterred.
In the wake of the Parity bug, the Web3 Foundation orchestrated a private sale, successfully raising the necessary funds to continue with Polkadot's development milestones.
In 2019, the Kusama network was launched, followed by the launch of the Rococo testnet in 2020.
Polkadot's mainnet was progressively rolled out, starting with a Proof-of-Authority (PoA) mode where operations were overseen by the Web3 Foundation.
This was a preliminary phase before transitioning to a more decentralized PoS mode, which hands control over to the network validators. In May 2020, it finally went live.
Polkadot (DOT) Price Analysis
For DOT, the past year was largely characterized by bearish dynamics. The cryptocurrency traded at a rather devalued level of $4.141 by the end of the period under analysis.
DOT weekly chart
One significant point of note was DOT's failed attempt to breach the resistance at $6.8. This unsuccessful effort subsequently led to a sharp decline, plummeting the cryptocurrency to $4.3.
However, the dawn of 2023 infused a renewed sense of optimism into the market. Bulls, reinvigorated, fervently tried to counteract the predominant bearish forces. Their efforts led to a commendable recovery, with DOT successfully setting a robust support point at $5.8.
Regrettably, this support was not as resilient as one would have hoped; by June, the price had depreciated back to $4.3. Despite a subsequent brief recovery attempt, the rally lacked vigor and failed to approach the previous support level, which had now turned into a resistance at $5.8.
The final significant movement for DOT saw bears exerting immense downward pressure, plummeting its value to the lowest support level for the year, standing at $3.9.
Examining the volume, it exhibited a somewhat consistent pattern of movement in tandem with the price. The initial bullish rally saw a surge in volume, underscoring the strength and conviction behind the upward price movement.
Notably, just before the decline to $4.3 towards the end of 2022, a peak volume of 72.187 million was observed in November 2022.
The Relative Strength Index (RSI) displayed significant fluctuation throughout the year. December 2022 saw the RSI plummeting to a low of 31.09, indicating a heavily oversold condition, possibly acting as a precursor to the subsequent bullish rally.
The zenith for the RSI was observed in February 2023 at 53.05, as DOT's price reached its annual pinnacle of $7.9. Nevertheless, the RSI could not sustain these higher levels for long, seeing subsequent dips alongside price drops. The final value for the RSI during the year stood at 37.17, hinting at a slightly oversold condition.
Moreover, the Chaikin Money Flow (CMF) presented a rather interesting trajectory. It successfully scaled above the zero line in February 2023 and managed to maintain this position until July.
A dip below this level ensued, yet since August 2023, an upward trend has been discernible. The year ended with a CMF value of -0.00, which implies a balance between buying and selling pressures.
Should you consider buying DOT?
Given the composite assessment derived from the various indicators, potential investors must exercise caution. However, external factors can never be discounted. The introduction of Polkadot Live, with its dual-pronged approach of offering decentralized real-time notifications and enabling users to execute extrinsic actions directly from their desktops, promises to substantially enhance user experience.
This could potentially act as a catalyst for increased user adoption and, thus, an upward price movement. Nonetheless, prospective traders contemplating purchasing DOT should ideally wait for a strong bullish rally, substantiated by a surge in volume and favorable technical indicators, before committing.
Polkadot Price Prediction
Polkadot has had an eventful 2021. To simplify the latest DOT price prediction, we have divided up the prediction by short term Polkadot price prediction and long term Polkadot price prediction. As of writing this article, DOT had a trading volume of 373,426,877. Polkadot has gone up by 22.91% in the past 30 days.
According to our analysis in the short term, Polkadot price prediction for February 2024 shows the average price of DOT at 6.05 and the highest possible price for February 2024 would be $6.47.
Further, according to our analysis in the long term, Polkadot price prediction for June 2024 shows the average price of DOT at 6.35 and the highest possible price for June 2024 would be $6.79.
Polkadot's Short Term Price Prediction
| Date | Avg Price | Lowest Price | Highest Price |
| 7 December 2023 | $5.56 | $5.17 | $5.95 |
| 8 December 2023 | $5.66 | $5.26 | $6.06 |
| 9 December 2023 | $5.76 | $5.35 | $6.16 |
| 10 December 2023 | $5.85 | $5.44 | $6.26 |
| 15 December 2023 | $5.85 | $5.44 | $6.26 |
| 20 December 2023 | $5.84 | $5.43 | $6.25 |
| 30 December 2023 | $5.85 | $5.44 | $6.26 |
Polkadot price prediction 7 December 2023: Polkadot's price for 7 December 2023 according to our analysis should range between $5.17 to $5.95 and the average price of DOT should be around $5.56.
Polkadot price prediction 8 December 2023: Polkadot's price for 8 December 2023 according to our analysis should range between $5.26 to $6.06 and the average price of DOT should be around $5.66.
Polkadot price prediction 9 December 2023: Polkadot's price for 9 December 2023 according to our analysis should range between $5.35 to $6.16 and the average price of DOT should be around $5.76.
Polkadot price prediction 10 December 2023: Polkadot's price for 10 December 2023 according to our analysis should range between $5.44 to $6.26 and the average price of DOT should be around $5.85.
Polkadot price prediction 15 December 2023: Polkadot's price for 15 December 2023 according to our analysis should range between $5.44 to $6.26 and the average price of DOT should be around $5.85.
Polkadot price prediction 20 December 2023: Polkadot's price for 20 December 2023 according to our analysis should range between $5.43 to $6.25 and the average price of DOT should be around $5.84.
Polkadot price prediction 30 December 2023: Polkadot's price for 30 December 2023 according to our analysis should range between $5.44 to $6.26 and the average price of DOT should be around $5.85.
Polkadot's Long Term Price Prediction
Polkadot’s long term Price Prediction below is a look at DOT’s future prospect with regards to price. Polkadot was last seen at $5.98, with a market cap of $7,754,028,457 and trading volumes of $373,426,877. DOT’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
| Years | Avg Price | Lowest Price | Highest Price |
| 2024 | $5.97 | $4.78 | $7.17 |
| 2025 | $6.87 | $5.50 | $8.25 |
| 2026 | $7.91 | $6.33 | $9.49 |
| 2027 | $9.10 | $7.28 | $10.93 |
| 2028 | $10.48 | $8.38 | $12.57 |
| 2029 | $12.06 | $9.65 | $14.47 |
| 2030 | $13.88 | $11.10 | $16.65 |
| 2031 | $15.97 | $12.78 | $19.17 |
| 2032 | $18.38 | $14.70 | $22.06 |
| 2033 | $21.15 | $16.92 | $25.38 |
Polkadot price prediction 2024: Polkadot's price for 2024 according to our analysis should range between $4.78 to $7.17 and the average price of DOT should be around $5.97.
Polkadot price prediction 2025: Polkadot's price for 2025 according to our analysis should range between $5.50 to $8.25 and the average price of DOT should be around $6.87.
Polkadot price prediction 2026: Polkadot's price for 2026 according to our analysis should range between $6.33 to $9.49 and the average price of DOT should be around $7.91.
Polkadot price prediction 2027: Polkadot's price for 2027 according to our analysis should range between $7.28 to $10.93 and the average price of DOT should be around $9.10.
Polkadot price prediction 2028: Polkadot's price for 2028 according to our analysis should range between $8.38 to $12.57 and the average price of DOT should be around $10.48.
Polkadot price prediction 2029: Polkadot's price for 2029 according to our analysis should range between $9.65 to $14.47 and the average price of DOT should be around $12.06.
Polkadot price prediction 2030: Polkadot's price for 2030 according to our analysis should range between $11.10 to $16.65 and the average price of DOT should be around $13.88.
Polkadot price prediction 2031: Polkadot's price for 2031 according to our analysis should range between $12.78 to $19.17 and the average price of DOT should be around $15.97.
Polkadot price prediction 2032: Polkadot's price for 2032 according to our analysis should range between $14.70 to $22.06 and the average price of DOT should be around $18.38.
Polkadot price prediction 2033: Polkadot's price for 2033 according to our analysis should range between $16.92 to $25.38 and the average price of DOT should be around $21.15.
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FAQs about Polkadot
Polkadot’s current price is $5.98 and witnessed a 7.87% increase in the past 24 hours. DOT/BTC pair saw a 2.45% increase in the past 24 hours
Investing in Polkadot, DOT will purely depend on your personal risk appetite. As you can see over the past 24 hours Polkadot’s price has witnessed a 7.87% increase and over the past 30 days Polkadot has increase by 22.91%. So it all depends on if this investment will hit your trading goals.
According to our latest Polkadot Price prediction for 2023, DOT should vary between $5.25 and $3.50. Please keep in mind that the crypto market is very volatile and this Polkadot price prediction does not account for extreme wild swings in price.
As per the Polkadot price prediction 2023 model above, DOT’s price for December 2023 should range between $3.50 to $5.25 with the average price for December being $4.38
According to the Polkadot Price Prediction model above, DOT’s price in 2024 would be $5.97. This price would however would range from $7.17 and $4.78.
According to the Polkadot Price Prediction model above, DOT’s price in 2025 would be $6.87. This price would however would range from $8.25 and $5.50.
According to the Polkadot Price Prediction model above, DOT’s price in 2026 would be $7.91. This price would however would range from $9.49 and $6.33.
According to the Polkadot Price Prediction model above, DOT’s price in 2027 would be $9.10. This price would however would range from $10.93 and $7.28.
According to the Polkadot Price Prediction model above, DOT’s price in 2028 would be $10.48. This price would however would range from $12.57 and $8.38.
According to the Polkadot Price Prediction model above, DOT’s price in 2029 would be $12.06. This price would however would range from $14.47 and $9.65.
According to the Polkadot Price Prediction model above, DOT’s price in 2030 would be $13.88. This price would however would range from $16.65 and $11.10.
According to the Polkadot Price Prediction model above, DOT’s price in 2031 would be $15.97. This price would however would range from $19.17 and $12.78.
According to the Polkadot Price Prediction model above, DOT’s price in 2032 would be $18.38. This price would however would range from $22.06 and $14.70.
According to the Polkadot Price Prediction model above, DOT’s price in 2033 would be $21.15. This price would however would range from $25.38 and $16.92.
The highest price for Polkadot was recorded in 4 November 2021 during which DOT hit an All Time High of $54.98
The price of 1 Polkadot according to current market rate is $5.98
