Polkamarkets (POLK) was added to Kucoin at 1100 GMT today. For some U.S. citizens that is too dang early in the morning to be watching the charts; fortunately for you I took one for the team to see what kind of madness was about to happen. Immediately the price was in the $5-6 USD range and then started heading south. One hour later (current as I am writing) the price has settled in the $3.40-3.50 range. So why the fuss and why were people so desperate to get POLKED?
What is it?
Polkamarkets is basically a prediction market where you can place bets on what you believe will be the outcome of a given real world scenario BUT with a DEFI twist. It allows for liquidity mining and yield farming to incentivize daily use of their platform.
Sports betting will be a large portion of their traffic with live feeds of events alongside forecasting. Users will be able to watch their favorite teams play while making live, in-play forecasts about the game’s outcome. -Polkamarkets They plan to offer political event predictions as well. These scenarios can be anything such as, "Will the U.S. government ever pay back its debt?" (hint: bet NO and buy crypto as a hedge) or "Will V.P. Kamala Harris assume the Presidency from Biden in his second or third year?" or even something as mundane as "Will Texas secede from the U.S.A. in 2025?" Well maybe not those predictions, but probably more along the lines of, "Will Scott Morrison or Anthony Albanese be the prime minister of Australia in 2022?" Additionally, you will be able to place bets on crypto futures and esports.
Here's a look at their short term plan:
If you want to know the full technicals, here is a link to their whitepaper.
Why the FOMO?
- Well the project is getting a lot of hype because it is a pretty cool concept
- The potential upside could be incredible given it's relatively low market cap of around $50M.
- You have a metric poop-ton of YouTube personas speaking on potential 100X gains from the project.
- It will run on the Polkadot network and that's SUPER COOL. (it is pretty cool actually- I like Polkadot)
- People are willing to pay a premium when they get caught up in the story
- Maybe they have actually researched the project, assigned a higher value, and objectively don't mind paying more (I'm just kidding on that one- nah, they just got caught and paid too much thinking it would immediately pop to $10 or $15 instead of giving it 15 minutes to cool off)
Now, if you did get caught on KUCOIN paying too much I wouldn't really worry about it, because if the project follows its plan then you will most likely see some serious gains even if your current position looks like you just took it out behind the wood shed for a beat down. Just hold it for now unless the fundamentals change. Also, use the experience as a learning lesson for future purchases.
POLK has the potential to turn into a huge bagger in the future. Let me know your thoughts on this project below and do me a favor and give me a like if you enjoyed this content.
Update: GMT 1300, POLK is trading at around $3.90 on KuCoin.
disclosure: I own Polkamarkets and Polkadot. This post contains a referral link.
