Polkadot Set to Steal DOGE’s Crown in Tenth Place
Santiment, the crypto analysis platform, recently tweeted about Polkadot currently enjoying a high level of positive sentiment lately and also commented that there is a rise in discussion on social media about the project and its features.
According to CoinMarketCap, Polkadot is now ranked eleventh out of the top 100 cryptocurrencies by capitalization. This suggests that DOT is a mere $500 million behind DOGE in the competition for tenth place. This is all positive news for Polkadot, as the project closes in on DOGE and threatens to steal their coveted tenth-place position.
🔴 #Polkadot is having a high level of positive sentiment this week and an uptick in discussion rate over the past 24 hours. The 2nd fastest developing asset by its rate of notable #github submissions is down 86% since its November 4th #AllTimeHigh.
🔴 #Polkadot is having a high level of positive sentiment this week, and an uptick in discussion rate over the past 24 hours. The 2nd fastest developing asset by its rate of notable #github submissions is down 86% since its November 4th #AllTimeHigh. https://t.co/Eh8P80kT8K pic.twitter.com/VyiKpt5YEa
— Santiment (@santimentfeed) August 24, 2022
Interlay Launches “Wrapped” Bitcoin on Polkadot
On the Polkadot chain, Interlay has released interBitcoin (iBTC), a wrapped Bitcoin asset. With this service, BTC can be used more widely by the crypto community for DeFi, cross-chain transfers, NFTs, and more.
Acala and Moonbeam are already compatible with iBTC. In a bid to expand the project to more chains, the developers have raised $1 million in funding. Additionally, the project will soon be launched on Ethereum, Cosmos, Solana, and Avalanche.
The network is built on decentralized vaults, which can be independently operated by platform users. The process is straightforward; users secure their Bitcoin assets in a vault, which then creates and distributes iBTC to the user after minting iBTC.
iBTC is backed 1:1 by Bitcoin and redeemable. In addition, the locked BTC is insured and reimbursed in the event of a vault failure.
Can We Expect Polkadot to Knock DOGE out of Tenth Place?
Due to its distinct advantages, Polkadot has attracted a lot of interest from cryptocurrency investors. The interoperability characteristic of the digital token allows it to connect to different blockchain networks and also provides a platform for developers to build on.
Polkadot is a multi-chain application. Polkadot's open-source blockchain system joins various blockchains into one unified network. It supports both permissionless blockchains and public blockchains. This information is especially relevant to crypto investors who are interested in identifying coins with the best growth potential.
DOT holders can mine the currency as well as actively participate in the blockchain in other ways. This feature sets Polkadot apart from other proof-of-stake blockchains, including DOGE, which currently operates on a proof-of-work model.
The likelihood that the multi-chain project will soon overtake meme coin DOGE increases when taking into account the excellent fundamentals of the cryptocurrency and the current positive sentiment around Polkadot.