Thursday, July 29, 2021

3 key reasons why Polkastarter (POLS) price rallied 500% since December

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Polkastarter (POLS) is a cross-chain token pool and public sale protocol constructed on the Polkadot (DOT) blockchain. It launched in October of 2020 as a method for tasks to boost capital in a decentralized setting and since January the token has rallied 500% to a brand new excessive at $1.78.

Three potential causes for the current progress of POLS are the sturdy rally seen from Polkadot, strategic partnerships and alternate listings and an increasing record of token launches by way of auctions.

POLS/USDT 4-hour chart. Supply: TradingView

The rise of Polkadot

The rising reputation of the Polkadot community is arguably probably the most vital influencer on the value of POLS. Much like Kusama, Polkastarter’s affiliation with Polkadot may appeal to further person and investor consideration.

POLS worth vs. Social engagement. Supply: LunarCrush

Polkadot’s rally started on Dec. 27, 2020, and it culminated on Jan.15 as DOT noticed a 75% price increase in one week. POLS sturdy rally additionally reignited on Dec. 27 and adopted an identical trajectory to DOT.

Now that DOT has flipped XRP to turn into the fourth-largest cryptocurrency by market cap, additional worth power for Polkadot has the potential to have a optimistic affect on the general efficiency of Polkastarter.

Change listings and partnerships

Previous to Jan. 14 POLS was solely obtainable on Uniswap and Poloniex. On the time its liquidity was restricted and excessive ETH gasoline charges additionally difficult issues for these serious about buying and selling the token.

After the Huobi alternate introduced plans to record POLS on Jan. 14, its buying and selling quantity elevated from a median of $2 million to $22 million in a single day.

Now the POLS group is engaged on being listed at OKEx and a current tweet from the challenge knowledgeable supporters that the challenge solely wants 2,000 extra votes to qualify.

Itemizing POLS on one other high-volume alternate has the potential to additional increase the token’s worth as extra folks may have entry to one of many fastest-growing Polkadot primarily based tasks.