Analysts remain optimistic on the Polkadot network\u2019s parachain launch scheduled for November 2021. Though the percentage of DOT tokens staked has dropped consistently, its price continues its upward climb.\u00a0<\/p>\n

DOT price rally continues as Polkadot prepares for parachain launch<\/h2>\n

In the ongoing bull run, layer one cryptocurrencies are rallying. The price of DOT has started climbing higher, ahead of Polkadot\u2019s parachain launch, posting nearly 10% gains over the past week. Cryptocurrency analysts have shared their bullish outlook on DOT price, revealing that they are \u201cvery bullish\u201d on the Polkadot network\u2019s native asset.\u00a0<\/p>\n

Lark Davis, a cryptocurrency analyst and YouTuber, announced that he is looking forward to the Parachain auctions in November 2021. Davis confirmed the list of top auctions that he is backing in a recent tweet.\u00a0<\/p>\n

Polkadot<\/a> is preparing for a multichain future with its parachain auctions. Ethereum, the second-largest cryptocurrency by market capitalization, announced its \u201csharding\u201d mechanism years ago; users and developers in the community are still waiting for its launch.\u00a0<\/p>\n

Unlike Ethereum, the DOT ecosystem is ready with the technical capabilities to support parallel blockchains, just as it did in the Kusama ecosystem. Polkadot unites a network of heterogeneous blockchains, parachains and parathreads and secures them through a \u201crelay chain.\u201d<\/p>\n

One of the most exciting features of the DOT<\/a> network is that each parachain can then be connected to external networks through bridges.\u00a0<\/p>\n

The third batch of parachain auctions on the Kusama network went live, and nearly 21% of KSM tokens have been staked for crowd loans on the blockchain.\u00a0<\/p>\n

The staking rate on Polkadot<\/a> has dropped consistently, hitting 57.3% ahead of the parachain launch. This is the opposite of what was observed in the Kusama Network.\u00a0<\/p>\n

A drop in the volume of DOT staked in crowd loans and parachains implies that there is an increase in tokens under circulation. Historically, higher circulation drives volatility in DOT price.\u00a0\u00a0\u00a0<\/p>\n

Brad Laurie, cryptocurrency educator and YouTuber, considers that use-case-specific parachains on the DOT network are equivalent to layer one scaling solutions.\u00a0<\/p>\n

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.@Polkadot<\/a> #parachains<\/a>, i.e. use-case specific #blockchains<\/a> such as @AcalaNetwork<\/a>, @centrifuge<\/a>, @MantaNetwork<\/a>, @AstarNetwork<\/a>, @MoonbeamNetwork<\/a>, @PhalaNetwork<\/a>, @hydra_dx<\/a> , are equiv. to L1s like @solana<\/a>, @ethereum<\/a>, @NEARProtocol<\/a>, @Algorand<\/a><\/p>\n

Think #metaprotocol<\/a> & bridges, seriously pic.twitter.com\/QC7s7uptmz<\/a><\/p>\n

\u2014 Brad Laurie (@Brad_Laurie) October 26, 2021<\/a><\/p><\/blockquote>\n<\/div>\n

Pseudonymous cryptocurrency analyst @rektcapital has evaluated the DOT price trend and predicted that Polkadot\u2019s native asset will likely hit a new all-time high.\u00a0<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n