The Polkadot (DOT) craze is still on, and the popular altcoin is even more popular now after its redenomination event on August 21st. As CoinMarketCap shows, the price of one DOT is $296 right now and DOT is among the most trending tokens in the coming altcoin news, followed by the DeFi tokens YF Value and YF Link which are next on the charts.
What is very important to note is the redenomination which underwent in the DOT token, which CoinMarketCap describes as following:
On approximately August 21st at 16:40 UTC (block number 1,248,328), the DOT token underwent a redenomination from its original sale. New DOT are 100x smaller than DOT (old). Therefore, your DOT balance is 100x higher and the price per DOT is 100x lower. The percentage of the DOT you own relative to total supply is unchanged. This will not affect the total value of your position. See the Polkadot’s blog post for more information. The new DOT page can be viewed here.
This means that the project rised in terms of popularity, which is why it decided to get smaller and more attractive to potential investors. Data from CoinGecko is the one that suggests how Polkadot (DOT) is the most trending coin over the past 7 days.
What we can also see is that the popularity was spiked after the Binance news showed that the exchange is listing the token. Kraken followed afterwards, making the same decision despite all warnings of potential redenomination which was made by the team.
In that manner, the original DOT token has been trading since 2019, but the excitement escalated this year, following the launch of the project and its mainnet. Earlier this month, the community voted on a so-called “stock split” that created a new DOT token, equivalent to one hundredth of the old one.
In any case, ever since the new token was listed on the major exchanges, its price catapulted and its market cap quickly got it a seat among the top 10 largest projects by market cap. In this manner, Polkadot (DOT) even surpassed the oracle giant Chainlink (LINK) for a short while.
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