Will Polkadot (DOT) price reverse course now that cross-chain messaging is live?

  • the launch of cross-chain communication on Polkadot will allow DOT transfers to various parachain networks.
  • This increases the number of use cases for the DOT token on parachains like Moonbeam and Astar Network.
  • Data from Cointelegraph Markets Pro and TradingView shows that the price of DOT has been hard hit by the six-month downtrend in the crypto market.
  • with the token now trading at A notable support/resistance level, it remains to be seen if the ability to transfer DOT across various parachains will help lead to an increase in demand for DOT.
  • One notable use for DOT that has been rising in popularity in recent months is liquid staking and minting stablecoins by using crypto assets as collateral.
  • DOT can also be used in various DeFi applications including yield farming, lending and borrowing.
  • as the introduction of cross-chain communication spreads throughout the Polkadot ecosystem, additional uses for DOT are likely to emerge, especially as parachains roll out increased functionality.
Will Polkadot (DOT) price reverse course now that cross-chain messaging is live?
Will Polkadot (DOT) price reverse course now that cross-chain messaging is live? 2

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