DOT Takes a Dive as 21Shares’ Polkadot ETF Hits Another Snag
Another day, another delay—crypto’s favorite dance continues. Polkadot’s DOT token slid 5% after 21Shares pushed back its ETF launch yet again, proving Wall Street still treats crypto like a risky Tinder date.
The ’institutional adoption’ narrative takes another hit as traditional finance moves at blockchain speed (read: glacial). Meanwhile, DOT holders are left checking their wallets like disappointed parents.
Funny how these delays always happen just as retail starts getting excited. Almost like someone’s playing keep-away with the golden goose.
Polkadot’s DOT token slides after ETF delay
DOT kept its overall negative direction, sliding from recent levels above $5 to $4.80. The token logged over $263M in daily trading volumes, NEAR its higher range for the past three months.
Polkadot has been striving to gain an ETF not only as a source of investment but also as a testament to the chain’s influence among top crypto platforms. Polkadot has one of the most active marketing campaigns in crypto, with a significant budget for social media and real-life ads.
Polkadot is one of the niche ETFs, as most of the industry is focused on Solana or XRP launches. The success of this product may signal an even deeper involvement with the crypto ecosystem, drawing external funds to one of the unique crypto platforms.
The Polkadot ecosystem was created after an ICO that managed to raise over $510M. Polkadot, however, lost most of its ETH in a smart contract incident while rebuilding its treasury. The project continues to allocate funds for aggressive advertising based on community voting.
In the past few months, bounty allocations decreased as Polkadot aimed to retain a more significant treasury. Polkadot retains over $88M in its treasury.
The advantage of Polkadot lies in its ecosystem of sub-chains, carrying their own liquidity and value. Some of the top Polkadot chains are now growing their value locked, showing the network is reaching end users.
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