KSM Spikes 30% to a Two-Month High Ahead of Kusama’s Parachain Auction Start

With the anticipation building ahead of Kusama’s upcoming parachain auctions, the price of the native token has skyrocketed in the past 24 hours to a two-month high at nearly $400.

• CryptoPotato reported earlier this month Kusama’s announcement in regards to the new parachain auctions.
• This edition comes after the success of the previous six auctions, which saw massive competition between participants. They took place between June 15th, 2021, and July 20th, 2021.
• Some of the success stories from July included Polkadot’s DeFi hub – Acala. The project managed to raise over $100 million in KSM tokens from over 8,000 different addresses.
• The next one – the Sixth Kusama Parachain Slot auction commences tomorrow – September 1st, at 12:00 GMT. The following ones will begin on September 3rd and will continue until September 29th.
• This would enable enough members to unstake their KSM tokens and be able to participate in the crowd loans.
• It’s worth noting that the first auction seems likely to be won by Kilt – a blockchain protocol for issuing self-sovereign verifiable, revocable, anonymous credentials. The protocol has already gathered over 151,000 KSM tokens valued at roughly $60 million as of now.

• The project that comes next is Calamari, which has accumulated just over 80,000 KSM.
• It seems that the anticipation for the parachain auctions and the buying spree of some projects have already impacted the price of Kusama’s native cryptocurrency.
• Earlier today, KSM had dipped all the way down to $297 (on Bitstamp). Since then, though, it exploded by roughly 30% in a matter of hours and peaked at $385, which became the highest price tag in more than two months.
• Looking on a larger scale – more precisely since the end of the previous parachain auction on July 20th – KSM’s value has surged by more than 170% as it dipped below $140 back then.