Polkadot (DOT) price – EUR & USD

The price of Polkadot (DOT) has historically fluctuated between $2.69 (Aug 20, 2020) and $55.00 (Nov 4, 2021). Polkadot is a cryptocurrency and a blockchain with a focus on interoperability.

The price history of Polkadot (DOT)

The price of Polkadot (DOT) has historically fluctuated between $2.69 (Aug 20, 2020) and $55.00 (Nov 4, 2021). This information is based on the data from Coinmarketcap.

Polkadot emerged to the attention of the crypto people in 2020, but the project’s roots go back several years. Polkadot’s ICO was held in 2017, and $145 million was raised.

The beginning was not easy, as most of the funds raised at the ICO disappeared in a wallet hack. Despite this early gigantic setback, investors have had faith in Polkadot. During 2019 and 2020, the project raised nearly $100 million in new money through private funding rounds.

Despite the strong faith of the investors, Polkadot’s native token DOT moved sideways from 2019 until the summer of 2020. The price of Polkadot was steadily around $150. The price of the DOT token began to perform positively when Polkadot’s MainNet was launched in the summer of 2020. Polkadot’s price launched like a rocket, reaching over $300, from where it plummeted to $3.

However, the sudden drop was due to the Polkadot community’s decision to expand the number of tokens in circulation a hundredfold. Hence, the price of each token was divided by 100.

This is why the Polkadot (DOT) price history goes back only to August 2020. That is where the token circulation change was made; hence, the old prices became incomparable.

Below is the Polkadot (DOT) historical price chart.

polkadot price

The summer of 2020 and the launch of MainNet brought Polkadot mainstream attention. Since then, Polkadot has maintained its position on the top 15 list of cryptos by market cap.

At the beginning of 2021, the Polkadot price skyrocketed along with the rest of the crypto market. During the spring of 2021, the DOT token’s price reached its highest point in mid-May, above 47 dollars. After that, the DOT price came down rather quickly reaching almost ten dollars at the end of July.

The second half of 2021 saw an extensive cryptocurrency bull market, which started at the turn of July-August and ended in early November. Polkadot’s price rose hundreds of percent during this period. On November 4, the price of the DOT token rose as high as $55, which is Polkadot’s highest quote ever.

In 2022, Polkadot’s price collapsed along with the rest of the crypto market. The price of the DOT token was at its lowest at $4.24, which means a drop of more than 92 percent from the price peak. The drop was drastic, but almost all cryptocurrencies of the same size collapsed by more than 90 percent.

2023 was not a great year for Polkadot. Its price rose almost 100 percent between January and February, but from the beginning of February, a nearly nine-month decline started until the end of October. During that time, Polkadot’s price fell to almost the same level as on the first day of the year.

The price of Polkadot surged to $9.5 during the November-December 2023 rally, ending the year at $8.2, a 90% increase. This is a good number on its own, but most cryptos did better.

Polkadot’s price continued to rise at the beginning of 2024. If you believe in Polkadot’s strong price increase in the future, check out this article: How to buy Polkadot. It provides instructions on how to buy DOT tokens from the Binance exchange.

Basic information about Polkadot

Polkadot is a cryptocurrency and a blockchain ecosystem with a focus on interoperability. Its white paper was published in 2016. Like most platform projects, this protocol is based on a Proof of Stake consensus algorithm.

Polkadot was founded by Gavin Wood, one of the best-known people in the crypto world and one of the Ethereum founders. Wood developed the Solidity programming language used by Ethereum, so we are not talking about amateurs here.

The paths of Wood and Ethereum separated in 2016, and Wood began to develop his platform project. In 2017, the Web3 Foundation was established to lead the development of Polkadot. Web3 Foundation was also behind the 2017 Polkadot ICO.

Polkadot is a platform, but it is not a direct competitor to Ethereum. Polkadot plans to build an ecosystem that allows different blockchains to be interconnected. Similar projects, such as AION, ICON, and Cosmos, are also on the market.

polkadot

The composition of the Polkadot is quite complex. In short, Polkadot’s architecture consists of the Relay Chain and Parachains. The system is divided into small fragments, which makes it possible to process transactions in several different blocks at the same time. In Polkadot, each fragment is practically its blockchain.

Known by the DOT ticker, Polkadot’s native token serves as the system’s gas. It’s used for transactions and acts as a governance token. Thanks to the PoS consensus algorithm, it is also possible to stake DOT tokens.

In addition to staking, many DOT tokens will be locked out of the market because setting up a parachain requires locking a certain amount of DOT. Thus, a large proportion of tokens are constantly locked, resulting in less supply in the market and a higher Polkadot price—at least in theory.

From an investor’s point of view, Polkadot is an interesting option. The Polkadot price has provided investors with excellent returns in recent years. If you are interested, you should also familiarise yourself with Polkadot’s parallel project, Kusama.

Learn more about the project from our Polkadot beginner’s guide.