PolkaDot’s journey to the Crypto Club is similar to XRP’s. The coin started igniting hopes in the hearts of short-term traders. Cut to today. The coin is nowhere.
As the latest price updates flow in, PolkaDot’s staggering drop of 5.04% seems surreal. 2021 was a genuine star year for both XRP and Polka Dot.
Within 1 Year, two of them were on the verge of making history. But brother market actions spoiled their growth. In the meantime, they are not the only coins in the alt-coin community to fall.
Sui, which also had exceptional short-term growth, fell by a mammoth 8.45%. Even TonCoin followed the same momentum.
TonCoin was going through a 2-day positive move at a stretch. But the growth is now neutral as the coin dropped 2.84% in the last 24 hours.
Spot ETF approval chances
PolkaDot’s poor performance is an open secret now. Most institutional investors predict that the coin will not achieve its previous position anytime soon. Naturally, the odds of spot ETF approval seem high now.
Research suggests that Polkadot operator 21Shares is also keen on watching the coin gain some traction at least, even if it is through ETF.
The JAM Upgrade- A last resort?
A narrow section of investors, however, thinks that the odds of ETF approval are still low since the price of this coin can spike soon. According to sources, Polkadot has migrated to the joint accumulate machine.
It will allow the coin to use the same platform benefits that Ethereum uses. Eventually, Polkadot will replace the relay change in the future. That may give the coin attraction of 5 to 10% steady growth in a 6-month time slot.
