DOT Price Rallies With Coinbase Secretly Applying For ETF
Polkadot has struggled in the market since its 2021 rally, which presented the highest peaks of its trading journey. Despite its popularity, the DOT token price has been degrading over time as it has failed to surge anywhere closer to the ATH target in the last two and a half years, even in March’s bullish condition. At that time, DOT price did see a significant surge, twice the average price, presenting the best performance of two years, but that did not last long. Now, the Polkadot price has moved 89% from the ATH and is on hold for a rally, but with the ETF discussion on the table, things are about to change.
Analyzing The DOT Price Performance
Soon after its launch, the DOT token gained immediate attention from investors as the price surged to multiple highs, but afterward, a complete downtrend hit the altcoin. Since then, DOT price has been laying low, with minor peaks here and there. In the last three years, the highest value it attained was during March 2024, when the DOT price surged to $11.54, but that did not last long.
The recent market crash has worsened things for the altcoin as it dropped to $5.02 on July 5 but succeeded with a recovery of 6.84% today, bringing the DOT price to $5.99. Nevertheless, DOT is still in a 17% loss over the month.
Coinbase Took Initial Steps For ETF Filing
A DeFI researcher and crypto analyst, 0xNobler, recently posted on X about Coinbase, a popular cryptocurrency exchange’s secrets plans of the DOT ETF. As per his post, the exchange is already in the initial steps of applying for the DOT ETF, whose first stage approval is pending for July 15.
Coinbase is secretly applying for $DOT ETF 🔥
The first stage of approval is already scheduled for July 15!
Polkadot ETF will be incredibly bullish for the entire ecosystem👇🧵 pic.twitter.com/OF8CrJxp2m
— 0xNobler (@CryptoNobler) July 4, 2024
The exchange has already taken a significant step towards applying for the DOT Future Contracts, Future ETF, and the Spot ETF on June 28. As Polkadot is a famous network, the Polkadot ETF will be a massive hit per the admirers. The announcement has already spiked the Coinbase Derivates, and if the DOT ETF gets approved, it will be a major boost in the DOT price.
The impact of the news is already on the token price as earlier under the impact of the market crash, the DOT price declined even lower. However, the surge of 6.84% in the last 24 hours has boosted the price again and more might come. This Conbase ETF could bring upgrades in the network adoption as well as the token price, which has been down for years.
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