The price of a Polkadot futures contract on the Binance Futures platform fell from $ 33 to $ 0.2 on the night of March 5, according to trading data. The collapse of quotes occurred within one minute. After that, the price of the futures recovered to its previous values, RBC Crypto reports.
Trading volume during the collapse was $ 18 million or 692,000 DOT. Over the past 24 hours, the trading volume with DOT / USD amounted to $ 327 million, since the DOT / USDT pair is the most popular on the crypto exchange. The trading volume of Polkadot in relation to Tether over the past 24 hours amounted to $ 615 million.
Earlier, the Dubai-based company FD7 Ventures decided to invest in Polkadot and Cardano. To do this, she created a special fund, where funds from the sale of bitcoins were sent. FD7 Ventures considered the main digital coin to be “worthless”. The company’s managing director Prakash Chand emphasized that Ethereum, Cardano and Polkadot will become more valuable than the largest cryptocurrency in the next few years.
Polkadot is a network dedicated to connecting blockchains. The developers have applied “multi-chain technology”, which allows different blockchains to interact within the same network thanks to the “relay chain” that serves as a connecting role. Polkadot’s goal is to create a space where data from different blockchains can be processed safely and quickly.
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