Polkadot's Price Surge Halted as Futures Sellers Emerge
Polkadot's price surged by 11.35% over the past 24 hours as its proposal for a native decentralized stablecoin, dotUSD, gained significant traction.
The proposal, which has secured 97.5% governance approval, aims to introduce $5 million in initial liquidity for a DOT-dotUSD pool on the Polkadot Asset Hub and allocate an additional $2.5 million in USDT for minting, along with another $2.5 million in DOT.
While this catalyst has contributed to Polkadot's recent price recovery, futures sellers have emerged, challenging renewed demand. Specifically, the 90-day Futures Taker CVD printed seller dominance at the time of press, indicating aggressive futures selling.
The derivatives pressure intensified further as leveraged bullish positions unwound following the rejection at $1.282. Long liquidations amplified selling pressure, with approximately $305.57K in long liquidations against only $42.38K in shorts.