23 Jun 2021 Arjun Agarwal
Polkadot Gained Over 70% On Coinbase Amid A Widespread Crypto Sell-Off
Polkadot’s governance token, DOT, made a whopping 70% price increase in just four hours on U.S.-based crypto exchange Coinbase. Meanwhile, Polkadot’s price on other exchanges followed the larger market sell-off.
Indeed, the crypto market’s largest player, Bitcoin, fell down below $30,000 during early trading hours Tuesday in the U.S., for the first time since January. DOT’s price, along with other altcoins, also declined, dropping as low as $13.04 in the past 24 hours.
However, Polkadot managed to gain as much as 70% daily on Coinbase. DOT climbed as high as $22.80 around 12:00 p.m. ET on Tuesday, June 22.
The reason behind the big upwards spike, however, is likely due to the “send and receive” function being disabled as part of “the incident.” Coinbase replied that the team is currently investigating what happened, and said the price discrepancy of DOT (-0.26%) between Coinbase and other major exchanges.
The San Francisco-based crypto exchange reacted accordingly, moving the DOT/USD and DOT/BTC trading pairs on its professional platform Coinbase Pro into limited-only mode due to volatility concerns.
DOT/USD and DOT/BTC “were moved to limit only to dampen (sic) expected volatility as the asset price reverts to parity with other exchanges once the incident is resolved,” а Coinbase spokesperson commented.
Meanwhile, Coinbase indeed reported about an incident regarding DOT trading on Coinbase on June 20, but according to both the website and the spokesperson. According to the spokesperson, a fix was implemented on June 21. Coinbase started offering DOT trades on June 16.
Polkadot's governance token price increase comes in conjunction with a market-wide market increase. Bitcoin, for example, made a 17 percent increase, securing a price above $34,000. Ethereum also saw an almost 15% of price increase, as the price of the second-largest crypto to date climbed above $2,000 per ETH token.
Most of the other cryptos in the top-100 list recorded double-digit increases, with Solana (SOL), Uniswap (UNI), and Cardano (ADA) recording positive price actions, with SOL increasing almost 30%, while Uniswap and Cardano jumped 17% and 25%, respectively.
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