Polcadot coin analysis

Three weeks ago, Polkadot, the blockchain interoperability project, was not in the top 100 on Coinmarketcap, but now the crypto asset is ranked 7th, with a total market capitalization of over US $ 3.7 billion. How did this happen?

On August 21, 2020, the Polkadot (DOT) community voted for redenomination. This means that the supply of DOT tokens is doubled to 100 times, similar to the stock split event in the world of the capital market, where stock prices soar afterwards, because they are seen as cheaper.
Polkadot's redenomination divides one old DOT into 100 new DOTs, and the supply increases from 10 million tokens to 1 billion. This update does not change the total investor balance, but the event is considered to boost the DOT value to the top ten ranking on Coinmarketcap.