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Polkadot rises over $50; Animoca’s SAND token pumps 57%; Loopring soars on Gamestop rumours
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The sleeping giant appears to have finally awakened.
After being overshadowed for much of 2021 by Solana, Avalanche, Ethereum and even its own chaotic cousin, Kusama, Polkadot broke out this morning ahead of its long-awaited parachain auctions next week.
The No. 8 crypto hit an all-time high of US$51.47 around 7.30am AEDT, and close to lunchtime was still up 12.4 per cent to US$48.64.
Inverted head and shoulders playing out on the 4hr for $dot with crowdloans starting this week and auctions starting on the 11th there should be a huge move to the upside. Also can’t forget about cup and handle playing out….patience pays. $btc $eth $dot pic.twitter.com/N8XFYu7heR
— TheDotGuy (@DaDotGuy) October 31, 2021
People may be buying DOT to participate in the parachain auctions, a first step to realising founder Gavin Wood’s visions of a “blockchain of blockchains”.
DOT holders will be able to loan their tokens to various projects competing for a slot in Polkadot’s parachain network, in return for that project’s native token.
That process has already played out on Kusama, Polkadot’s “canary network”. KSM holders who backed Moonriver realised roughly 14-fold returns, and will still get their Kusama tokens back next year, although backers of other projects weren’t so richly rewarded.
The first Polkadot auction will begin at 8am UTC (7pm, Sydney time) on November 11.
SAND token now in top 100
The cryptocurrency that was a big part of the reason Animoca Brands got booted from the ASX early last year is now a top 100 coin.
The Sandbox (SAND) this morning was ranked as the No. 63 crypto, having pumped 57 per cent in the last 24 hours and 251 per cent in the past seven days.
It was trading at an all-time high of US$2.97 at lunchtime, giving the crypto a market cap of US$2.6 billion.
$SAND pump it.
Before and after pic.twitter.com/N0p8hepTE1
— E-Tribe Crypto and Amazon (@EtribeCrypto) October 30, 2021
It’s used to power The Sandbox, a blockchain-based virtual world that’s a bit similar to Minecraft.
So-called “metaverse” tokens have been exploding in value ever since Facebook Inc announced its rebranding to “Meta”.
Decentraland’s MANA token was up 18.8 per cent to US$3.33.
Crypto market up 0.2%
Overall the crypto market is up 0.2 per cent, even as Bitcoin slipped 0.4 per cent to US$61,390.
Ethereum was up 0.6 per cent to US$4,329.
For the second day in a row, most of the major cryptos hadn’t moved much. Polkadot was the only coin in the top 30 to gain or fall more than four per cent.
Loopring was the other big gainer in the top 100, rising 55 per cent to US97.37c on rumours that GameStop was partnering with the Ethereum layer 2 protocol to sell NFTs.
On the flip side, XDC Network was the biggest loser in the top 100, falling 10 per cent to US9.5c.
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