Polkadot Becomes One of the Top-Gaining Altcoins

According to CoinMarketCap data, Polkadot rose approximately 25% within 24 hours, becoming one of the best-performing major altcoins. During intraday trading, gains were even higher. Increased investor interest drove strong trading volume, pushing DOT to the forefront of the altcoin market. Rising risk appetite, Bitcoin and Ethereum’s recovery, and short liquidations accelerated DOT’s upward movement. However, analysts note that Polkadot’s rally is not solely tied to the overall market rebound. Project-specific catalysts—including the upcoming halving, ETF expectations, and technical breakouts—have also played a significant role in boosting investor interest.

Three Main Reasons Behind DOT’s Surge, According to Analysts

Bitcoin investor and analyst Lark Davis links Polkadot’s sharp rise to three primary factors:

• Halving and Deflationary Model Expectations: The first major catalyst is the upcoming halving process. With an update scheduled for March 14, Polkadot is expected to reduce its annual token issuance by more than 50% and transition toward a deflationary model. The anticipated supply reduction and increased scarcity narrative have strengthened upward price pressure on DOT.
• Spot ETF Expectations: The second factor is speculation around potential spot ETF applications for Polkadot. Rumors that institutions like Grayscale and 21Shares may introduce Polkadot-based investment products have fueled expectations of growing institutional interest. ETF developments typically trigger strong price reactions in altcoins, and Polkadot appears to be experiencing a similar effect.
• Technical Breakout and Buying Pressure: The third factor relates to technical analysis signals. DOT broke above its 20-day moving average on the daily chart and surpassed a key resistance level around $1.40. Strong buying interest around the $1.23 support zone attracted trend-following investors, accelerating the rally.
• Current DOT Price Situation: During the latest surge, Polkadot climbed from approximately $1.23 to $1.74, delivering strong short-term performance. This move clearly reflected the combined impact of technical breakout and rising volume. Following the sharp rally, some profit-taking occurred, leading to a slight pullback. At the time of writing, DOT was trading around $1.57, managing to retain a significant portion of its gains. Analysts state that as long as halving expectations and potential ETF developments remain in focus, volatility in Polkadot may stay elevated. Holding above the $1.50–$1.55 range could strengthen upward momentum, while a break below this zone may trigger a deeper short-term correction.

Is a New Rally Starting for DOT?

Polkadot’s recent surge appears to be supported by a combination of halving expectations, possible spot ETF developments, and technical breakout signals. Alongside the broader crypto market recovery, DOT has returned to investors’ radar. In the coming period, halving updates and institutional investment news are expected to remain key drivers in determining Polkadot’s price direction.

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A New Stablecoin Proposal

Over the weekend, Bryan Chen, co-founder and CTO of Acala, unveiled a proposal to develop a Polkadot-native stablecoin. The asset would be DOT-backed, algorithmic in design, and launched under the ticker pUSD.

According to Chen’s outline, the stablecoin would leverage Honzon, Acala’s decentralized stablecoin and collateralized debt position protocol. This framework is designed to lower Polkadot’s dependence on centralized stablecoins like Tether (USDT) and Circle’s USDC.

So far, more than three-quarters of the votes have been cast in favor of the idea. With over 24 days left before the vote concludes, around 1.4 million DOT — valued at roughly $5.6 million at $3.90 per token — has already been committed.

How Would pUSD Function?

The proposed pUSD would operate as an overcollateralized debt token backed by DOT. Additionally, a savings module is being considered, which would allow holders to lock their tokens and earn interest through stability fees.

Chen emphasized that the main goal is to enhance Polkadot’s financial infrastructure:

“Polkadot Hub should have a native DOT-backed stablecoin because people need it. Without it, we risk losing liquidity, utility, and security.”

Unlike centralized models, algorithmic stablecoins aim to maintain a fiat peg using on-chain assets and smart contracts, with economic incentives built into the system to stabilize the price.

The Debate Around Algorithmic Stablecoins

Algorithmic stablecoins remain a controversial topic, especially after the dramatic collapse of TerraUSD (UST), which took down its entire ecosystem. Despite this setback, such assets continue to attract interest due to their greater decentralization compared to centralized alternatives.

This model offers a more permissionless and less controllable design. Some industry voices even warn that algorithmic stablecoins could pave the way for so-called “dark stablecoins”, which might evade regulatory oversight and sanctions.

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Referendum 1710 and the New DOT Model 

The Polkadot DAO confirmed that Referendum 1710 passed with 81% approval. The new model introduces a two-year reduction schedule for token issuance, starting every Pi Day (March 14). Under the existing 120M/year model, total DOT supply would reach approximately 3.4 billion by 2040. In contrast, Referendum 1710’s capped model predicts around 1.91 billion DOT by the same year. 

This adjustment provides investors with predictability and scarcity, enhancing long-term confidence. Furthermore, the OpenGov framework allows token holders to submit proposals, vote, or delegate their voting rights, strengthening community-led governance. 

DOT Price and Market Impact 

DOT’s price decreased by 2.2% in the last 24 hours, reaching $4.32, while the token gained 9.8% over the past week. Polkadot’s market capitalization stands at $6.6 billion. The new capped supply is expected to create more predictable market dynamics, supporting long-term price stability. 

• Current DOT supply: 1.6 billion 
• Annual DOT issuance: 120 million 
• New maximum supply: 2.1 billion 
• Supply reduction cycle: Every two years 

By implementing this cap, DOT gains scarcity and the Polkadot ecosystem secures long-term sustainability. Investors and crypto enthusiasts will closely monitor how this impacts the broader altcoin market. 

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What is Mythos (MYTH)? What Does It Aim to Achieve?

Mythos redefines Web3 gaming by leveraging Polkadot’s scalable and secure infrastructure, offering players true ownership through NFT trading, low-cost transactions, and cross-game asset portability. With launches like Pudgy Party and FIFA Rivals in 2025, Mythos continues to grow as a leader in the Web3 gaming ecosystem.

Mythos transforms the gaming industry using blockchain technology, giving players, developers, and publishers greater control and value. The MYTH token powers in-game purchases, NFT trading, and gas fees while enabling users to participate in ecosystem governance. The Mythos Chain, built on Polkadot’s parachain technology, has processed over 21 million transactions in 2025. The Mythical Marketplace stands out by allowing players to securely manage and transfer digital assets across games.

Mythos Chain and Games

The Mythos Chain, built on Polkadot’s parachain technology, provides high scalability, low transaction fees, and interoperability between games. Key games include:

• NFL Rivals: An NFL-licensed game allowing players to manage digital player cards as NFTs, with over 4 million players.

• Pudgy Party: A mobile party game launched in 2025, integrated with Pudgy Penguins NFTs.

• FIFA Rivals: A football-themed Web3 game launched in summer 2025.

These games reflect Mythos’ vision of blending traditional gaming with blockchain technology. The Mythical Marketplace enables seamless trading of NFTs and digital assets across these titles.

Mythos (MYTH) Tokenomics

MYTH is an ERC-20 token with a fixed supply of 1 billion, serving as the ecosystem’s primary utility token. A gas fee burning mechanism, activated in March 2025, burns 100% of transaction fees, targeting a 6-8% annual supply reduction to create a deflationary structure. The MYTH token is used for:

• Payments for in-game purchases and NFT trading.

• Governance participation through the Mythos DAO.

• Staking for passive income and contributing to network security.

Token Distribution

The MYTH token distribution is as follows:

• Mythos Foundation: 35% (unlocked tokens)

• Launch Partners: 34% (3-year vesting)

• Mythical Employees and Advisors: 16% (3-year vesting)

• Game Fund: 15% (3-year vesting)

Tokens are released gradually over 36 months with a 1-year lockup period, encouraging long-term commitment.

Staking and Governance

MYTH token holders can stake their tokens to contribute to network security and earn rewards. The Delegated Proof of Stake (DPoS) system offers voting power and reward potential based on token holdings. The Mythos DAO allows token holders to vote on proposals, shaping the ecosystem’s future. In 2025, a 50 million MYTH incentive pool was allocated for staking rewards.

Mythos (MYTH) Partners

Mythos collaborates with leading companies like Ubisoft, Marblex, Com2uS, CM Games, Kakao Games, Wemix, Animoca Brands, Hadean, Klaytn, FaZe Clan, Gen.G, and Yield Guild Games to strengthen its gaming and Web3 ecosystem. These partnerships enable Mythos to develop AAA games and decentralized financial systems.

Mythos Advisors

The Mythos Foundation works with expert advisors in gaming, Web3, sports, and entertainment:

• Rehito Hatoyama: Former COO of Sanrio

• Jaci Hays: Chief Corporate Alliance Officer at FaZe Clan

• Alex Pall and Drew Taggart: The Chainsmokers & MANTIS VC

• Ryan Tedder: OneRepublic

• Adam Bain: Partner at 01 Advisors, Former COO of Twitter

• Matthew Rutler: EVP, Talent & Business Development at Masterclass

• Alex Scheiner: Partner at Redbird Capital, Former President of the Cleveland Browns

• Kent Wakeford: Co-Founder of Gen.G Esports and Rally Network, Former COO of Kabam

Official Links

• Website
• X (Twitter)

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Token unlocks directly introduce supply to the market and impact prices. Project teams and early investors offload these tokens, and such sales, especially in low-liquidity markets, can trigger sudden price drops. 

Highlighted Token Unlocks 

• LAYER (Solayer): 27 million tokens, valued at approximately $86.73 million, accounting for 13% of the total supply.  
• ENA (Ethena): 171.88 million tokens, worth about $49.52 million, representing 3.1% of the total supply. For instance, on October 2, 2024, the team and investors unlocked 428.38 million ENA tokens, releasing them into the market and adding 22.5% of the total supply to circulation, valued at roughly $165 million. On December 25, 2024, project owners introduced an additional 12.86 million ENA tokens to the market. 
• SPEC (Spectral): 10 million tokens, valued at approximately $21.3 million, comprising 48.5% of the total supply. 
• MOVE (Movement): 50 million tokens, worth about $8.45 million, representing 2% of the total supply. 

Linear Unlocks 

• Solana (SOL): 465,770 tokens, valued at approximately $67.27 million. 
• Worldcoin (WLD): 37.23 million tokens, worth about $5.11 million. 
• Polkadot (DOT), SUI, AVAX, DOGE: Each will unlock over $1 million daily. Dogecoin (DOGE) is also on the unlock list, with 96.5 million tokens worth over $16 million gradually released throughout the week. 

The Donald Trump-linked $TRUMP meme coin will unlock tokens worth $5.49 million daily over the next seven days. This development has raised eyebrows, following claims that the team moved a significant portion of the token supply to centralized crypto exchanges, with some labeling it a potential pump-and-dump scheme. 

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Grayscale joins around 70 other pending ETF filings, which include proposals for altcoins, memecoins, and crypto-based financial instruments. Bloomberg’s Eric Balchunas noted that asset managers are pitching ETFs for “everything from XRP, Litecoin, and Solana to Doge, 2x Melania, and more.”

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Launched in 2020, Polkadot is a layer-1 blockchain network. Its native token DOT was priced at $4.34 as of April 24, with a market cap of around $6.6 billion.

Grayscale’s ETF Vision Extends Beyond Bitcoin And Ethereum

Grayscale isn’t limiting its ETF ambitions to just Bitcoin (BTC) and Ethereum (ETH). It has also filed to launch funds for Solana (SOL), Litecoin (LTC), XRP, Dogecoin (DOGE), and Cardano (ADA).

As competition in the crypto investment space heats up, other asset managers like 21Shares are also awaiting approval for their Polkadot ETF.

A March report by Coinbase and EY-Parthenon revealed that over 80% of institutional investors plan to increase their crypto allocations in 2025. Still, analysts caution that demand for altcoin ETFs may lag behind interest in major crypto assets like Bitcoin and Ethereum.

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SEC Filing Updated on March 6

The new filing, dated March 6, updates the original application submitted on January 31. It may have been revised to address SEC feedback or to include additional information.

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21Shares isn’t alone in its ambitions. Grayscale submitted its own Polkadot ETF application to the SEC via Nasdaq on February 25. These filings highlight a growing race among asset managers to secure crypto ETF approvals.

Meanwhile, DOT continues to trade around $4.50, maintaining a crucial support zone at $4. On the weekly chart, DOT appears to be forming a falling wedge pattern — a potential bullish reversal signal. A breakout above the $10 level would confirm the pattern and could trigger a strong rally. However, falling below $4 would invalidate the setup and may lead to a drop to $3.60.

Polkadot 2.0 Launch Adds Momentum

In addition to the ETF developments, investors are closely watching the anticipated Polkadot 2.0 upgrade, expected in Q1 of 2025. The upgrade aims to significantly boost the network’s scalability and developer experience. A testnet version is already available via the Kusama network.

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SEC Takes Up Grayscale’s DOT Spot ETF Application for Review

The U.S. Securities and Exchange Commission (SEC) has officially begun reviewing Grayscale’s application for a Polkadot (DOT) spot ETF. This development could be a significant milestone for the DOT ecosystem and may increase interest from institutional investors. If approved, the DOT spot ETF could provide investors with a direct investment opportunity in DOT, potentially enhancing market liquidity and reliability.

Grayscale had filed an official application with the SEC to list a Polkadot-based spot ETF on the exchange. The SEC’s decision to review the application signifies that the process has moved to the next stage, with the regulatory body set to conduct a detailed examination. The acceptance of this application is also being closely watched in light of the SEC’s regulatory approach toward the cryptocurrency market.

Polkadot Spot ETF Approval Could Open New Era for Institutional Investors

Following the approval of Bitcoin spot ETFs, the future of altcoin-focused ETFs has been a topic of significant interest. If approved, the Polkadot spot ETF could provide institutional investors with safer, regulated access to the Polkadot network. Additionally, this product could help stabilize DOT’s price movements and reduce market volatility.

Cryptocurrency investors and market analysts are closely monitoring the SEC’s stance on this application. The outcome of the SEC’s evaluation process will be of great significance, and if approved, it could herald a new wave of institutional investments for DOT.

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Grayscale Expands Its Portfolio with Polkadot ETF Filing

Grayscale has filed a request through Nasdaq to list and trade shares of the Grayscale Polkadot Trust (DOT). The filing starts a 45-day review period during which the SEC will assess the application. The SEC can approve, reject, or extend the review period.

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Grayscale had previously offered bitcoin and ether ETFs and has now filed to convert its XRP Trust into an ETF. Additionally, it filed for a spot Cardano ETF. These filings come at a time when the SEC has adopted a friendlier stance toward the digital asset space, particularly after it dropped several crypto-related investigations, including those targeting platforms like Robinhood and OpenSea.

Polkadot’s Status and Grayscale’s Role in the Market

Grayscale has never offered a standalone product for Polkadot until now. With this filing, it follows 21Shares, which filed for a spot Polkadot ETF with the SEC last month.

At the time of writing, Polkadot‘s DOT token is trading at $4.4, having lost 6.7% of its value in the last 24 hours, amid a broader downturn in the cryptocurrency market.

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Global crypto funds managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares recorded a combined net inflow of $1.9 billion. These robust inflows were attributed to Trump’s crypto-focused executive actions.

What Did Trump’s Crypto Orders Achieve?

On Thursday, President Donald Trump signed an executive order establishing a “Presidential Working Group on Digital Asset Markets” to create a federal regulatory framework for digital assets, including stablecoins, and to evaluate the formation of a “strategic national digital assets stockpile.”

On Tuesday, Trump also issued a full and unconditional pardon for Ross Ulbricht, the Silk Road founder closely tied to Bitcoin’s early history.

These orders boosted investor confidence, resulting in zero net outflows from digital asset investment products last week.

U.S. and Bitcoin-Based Funds Lead

U.S.-based crypto funds led the charge, accounting for $1.7 billion of the weekly net inflows. Digital asset products in Switzerland, Canada, and Germany also attracted net inflows of $35 million, $31 million, and $23 million, respectively.

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Bitcoin (BTC)-based investment products dominated globally, adding $1.6 billion in net inflows last week. Year-to-date, Bitcoin-based funds have accumulated $4.4 billion, representing 92% of all net inflows. U.S. spot Bitcoin ETFs accounted for $1.8 billion of these inflows.

Ethereum and Other Altcoins

Ethereum (ETH) investment products continued their recovery, recording net inflows totaling $205 million. U.S. spot Ethereum ETFs contributed $139.4 million to the total inflows last week.

XRP investment products attracted $18.5 million in inflows, extending their streak to over $500 million since mid-November.

Other notable inflows included Solana (SOL) with $6.9 million, Chainlink (LINK) with $6.6 million, and Polkadot (DOT) with $2.6 million.

Market Movement and Trading Volumes

While price action was relatively flat over the past week, trading volumes remained robust at $25 billion, accounting for 37% of all activity on trusted crypto exchanges.

Despite these strong inflows, the crypto market experienced a sell-off early Monday. Bitcoin dropped below $100,000 after reaching an all-time high of approximately $109,000 on January 20. Liquidations amounted to $850 million, and Bitcoin is now trading at $99,295.

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