Crypto
Polkadot's DotUSD Stablecoin Proposal Sparks 11.35% Price Surge
Polkadot's token price surged 11.35% following the approval of its dotUSD stablecoin proposal, which garnered 97.5% governance support.
The proposal includes $5 million in initial liquidity to enable minting and lending for the new US dollar-pegged stablecoin.
However, Polkadot's price hit strong resistance at $1.282, triggering profit-taking and a retracement driven by aggressive futures sellers and significant long liquidations, particularly on Binance.