Polkadot has been struggling in the market since its peak in 2021. The rise at that time represented an all-time high for the token. However, the DOT token price is constantly losing value as it cannot approach the ATH level. Even the bullish conditions seen in March could not change this situation; The price of DOT experienced a significant jump during that period, doubling the two-year average, but this momentum did not last long. Currently, the price of altcoin Polkadot is 89% away from the ATH level and is poised for an uptrend, but the ETF discussion is on the table.

Is a secret ETF application coming for Polkadot?
The DOT token attracted investors' attention shortly after its launch, and its price peaked several times. However, after these rises, the altcoin went into a completely downward trend. The highest value reached in the last three years was recorded at $ 11.54 in March 2024, but this did not last long. The recent market crash has made matters worse for the altcoin. The DOT price dropped to $5.02 on July 5, but managed to increase the price to $5.99 today with a 6.84% recovery. However, DOT is still down 17% on a monthly basis.

0xNobler, a DeFi researcher and cryptocurrency analyst, recently shared popular cryptocurrency exchange Coinbase's secret plans for the DOT ETF on Twitter. According to its post, the exchange is in the early stages of the application process for the DOT ETF, with first-stage approval expected in mid-July. The exchange took an important step on June 28 by launching the application process for DOT Futures, Futures ETF and Spot ETF. Since Polkadot is a well-known network, Polkadot ETF will attract a lot of attention among its fans. The announcement has already boosted Coinbase Derivatives and if the DOT ETF is approved, it could lead to a massive increase in the price of DOT.

The impact of the news has already started to be reflected in the token price. Previously, due to the impact of the market crash, the price of DOT had fallen even further. However, the 6.84% increase in the last 24 hours has increased the price again and more may come. This ETF initiative from Coinbase could bring upgrades in network adoption as well as the token price, which has been declining for years.

As a result, Polkadot's price has struggled recently. However, the fact that Coinbase is in the application process for the DOT ETF is considered a promising development for investors. If this ETF is approved, there could be a significant increase in the adoption of the Polkadot network and the price of DOT. However, it is important to remember that the approval process is in its early stages and approval is not guaranteed. Still, this development is seen as a positive step for the Polkadot ecosystem.

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