According to data from Messari, DOT was at $7.27 at the time of publishing, up 17.28 percent in the past 24 hours, and up 41.37 percent in the past seven days.
The ascent of the currency started on December 23, when Binance revealed a $10 million fund to support Polkadot projects. However, on December 28, DOT really took off after Twitter users found that the ETH/BUSD pair on the homepage of Binance had been replaced by the DOT/BUSD pair, giving DOT even more attention.
According to Mable Jiang, principal of crypto hedge fund Multicoin Capital, several retail traders have been searching for tokens that might theoretically outperform bitcoin in the short term since the No. 1 cryptocurrency by market capitalization briefly crossed $28,000 on Sunday. Polkadot is a blockchain network created by Ethereum co-founder Gavin Wood that supports separate interconnected sub-chains called “parachains.” Because of its more advanced nature, “Parachains” will have higher transaction throughput than Ethereum, as CoinDesk previously reported.