Polkadot price moves higher as parachain auctions reduce DOT’s

This week, a number of contenders are set to participate in ‘s first parachain auctions and this process tends to place buy pressure on DOT, while also giving aspiring blockchain projects a chance to show why they offer the most competitive solutions to the different demands that exist in the crypto sector.

The ongoing Polkadot parachain auctions follow the success of similar auctions on its sister network Kusama, where projects like Moonriver (MOVR) and Karura have each successfully secured a parachain slot for the next year.