Polkadot (DOT) Price Rose for the Second Consecutive Day as the Crypto Market Bull Run Continued

Polkadot price rose for the second consecutive day as the crypto market bull run continued. DOT token rose to a high of $4.3 on Tuesday

Cryptocurrency prices rose on Tuesday as the market slowly recovered from recent lows. Among the best performers was Polkadot, whose price rose after developers launched a community vote on a new crypto card.

Polkadot Crypto Card Community Vote

Polkadốt's native token, DOT, rose to a high of $4.3 on Tuesday, continuing its rebound from this week’s lows of $3.8. It had fallen by more than 60% from its all-time high of over $12, which it reached in November 2023.

(Source: CCChartData)

Polkadot developers launched a community vote on a new crypto card. The card will be non-custodial, where users will actually own their funds. It will also be accepted globally and denominated by euro and the US dollar.

The card will also have no fees except for a usage fee and cashback for its holders. It will have the power to replace traditional banking rails for everyday spending.

Most members of the Polkadot community are voting in the affirmative. So far, 136.9k DOT tokens- which are valued at more than $570,000- have voted for the proposal. The vote will end in the next 27 days.

Other Potential DOT Price Catalyst

The other potential catalyst for the DOT price is the upcoming Elastic scaling integration. This scaling allows parachains to add multiple cores for tasks, which will reduce block times and address throughput issues.

Polkadot has already implemented asynchronous backing and agile coretime. Asynchronous backing reduced block times from 12 seconds to 6 seconds, while agile coretime ended the parachain auctions.

DOT Price Technical Analysis

The daily chart shows that the DOT price has drifted upwards in the past few days. It has formed a falling wedge pattern and moved above the upper side of this pattern.

Polkadot price has formed an inverse head and shoulders pattern, a popular bullish reversal sign. The Relative Strength Index (RSI) and the Stochastic Oscillator have all pointed upwards.

Therefore, the token will likely continue rising as bulls target the resistance level at $5.37, the highest point on May 11. A drop below the support at $3.6 will invalidate the bullish view.

Bitcoin Pepe Token Sale Gains Steam

Meanwhile, another token that is making headlines is Bitcoin Pepe. The token has raised more than $14 million from thousands of investors in the past few months.

Bitcoin Pepe aims to be the best alternative to Solana, which has become the biggest chain in the meme coin industry. All Solana meme coins have accumulated over $11 billion in market capitalization.

Bitcoin Pepe’s strategy is to create a layer-2 network for Bitcoin, the biggest cryptocurrency. The L2 network will enable users to launch new meme coins within minutes and achieve the same success as other top players like Fartcoin and Dogwifhat.

Other applications leveraging Bitcoin’s technology have become highly successful. For example, Bitcoin layer-2 networks like Core and Stacks have accumulated millions in total value locked (TVL). Similarly, Bitcoin staking apps have achieved over $9 billion in assets, while Bitcoin Ordinals were highly successful in the NFT space.

Bitcoin Pepe’s inflows will likely continue soaring as the developers prepares to announce the listing date, which may happen by the end of the month. You can buy the BPEP token here before time runs out.