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Polkadot price moves higher as parachain auctions reduce DOT’s circulating supply
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This week a number of contenders are set to participate in Polkadot'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 successfully secure a parachain slot for the next year.
The Kusama parachain auctions began during a downturn in the wider crypto market and played a role in helping KSM recover from a low of $148.85 on July 19 to its current price near $457 as the tokens pledged to auctions
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