Polkadot interesting winner of a brutal September start

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Last Updated on 10 September 2020 by CryptoTips.eu

The number of messages showing up on social media asking what a Polkadot is have been swift and widespread. Given that the coin was only released to the market on August 20th and is already breaching the CoinMarketCap’s top 10 (and looks set to remain there) during what was a brutal first week of September for everyone in crypto, a fair question of course.

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Woman’s clothing

Allow me to first state that anyone asking why they would ever buy a coin named Polkadot (a term usually reserved for a pattern on women’s clothing) clearly hasn’t been following the whole DeFi crypto story all that well these last few weeks, considering that coins named Sushi, Kimchi and HotDog have been in the news recently.

Polkadot (DOT) may not be a macho name for a coin, but it nevertheless is a name, and one that seems to work very well for the cryptocoin.

It is climbing steadily in the charts. Just a week ago we said it could become top 10, by now it is attacking the top 5. At the time of writing, DOT is trading at $4,48 and has attained the 7th spot on CoinMarketCap’s top 100.

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Ethereum killer?

Whereas Cardano and Chainlink aim to be Ethereum killers by replacing their blockchain as the most important one to be used by smart contracts, Polkadot is looking to co-exist alongside Ethereum rather than compete with it. Given the massive uphill task that Chainlink and Cardano face to ever succeed in replacing Ethereum, an alternative strategy that might just pay off.

Backed by Ethereum co-founder Gavin Wood, Polkadot is now seen as one of the potential blockchain projects that would deliver the features required for web 3.0 solutions.

Thus far, the massive hype that could be witness on social media and the meteoric rise of the coin, indeed lets us believe that co-existing rather than competing with Vitalik Buterin (CEO of Ethereum) is a strategy others might want to implement as well.

Just today, Polkadot announced a cooperation with Chainlink already. Seems the fashionable coin is gaining ground ever further among its competitors.

Let’s see if Charles Hoskinson of Cardano would work with rather than against Vitalik anytime soon. Given their love-hate relationship, sometimes on full display in both gentlemen’s social media accounts, this is however doubtful. Discover where to buy Polkadot.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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