Development exercise on Polkadot [DOT] reached an all-time excessive amongst different blockchains. This is a serious feat for the network because it continues to thrive by introducing upgrades at common intervals.
Polkadot Insider, a Polkadot-dedicted Twitter deal with, additionally posted an replace about this milestone in a latest post. Will these developments have any which means for the DOT token?
Nothing right here for DOT
Despite constructive developments, the token continued to endure from the continued bear market situations. The previous week or so led to DOT witnessing a serious drop in costs.
Scallop, a preferred crypto-exchange platform, mentioned that DOT was among the many high three most trending cash on its platform. This appeared to be a constructive improvement because it mirrored the recognition of the coin. Additionally, CoinEX Global additionally named Polkadot as one of many high 5 Financial Income Cryptos.
That isn’t all for Polkadot. The blockchain reported regular knowledge for its parachains previously 24 hours. Additionally, Polkadot Insider reported that Moonbeam’s GLMR token headlines the highest traded token on Polkadot at $12.5 million.
This was adopted by a far distant second Moonriver’s MOVR token at $6.3 million. The high three record concluded with Astar’s ASTR token with a $4.3 million traded quantity.
The similar entity additionally reported on a Polkadot weekly recap just lately in one other tweet. Per this tweet, Polkadot witnessed over $77 million price switch quantity previously week. The network was additionally in a position to register a day by day common of 1,200 new accounts.
On-chain knowledge exhibits many potential factors. Let’s check out the On-chain overview of @Polkadot under 👇
— Polkadot Insider (@PolkadotInsider) September 19, 2022
Where does this knowledge lead us?
DOT’s efficiency has been underwhelming for some time now. At press time, DOT was buying and selling at $6.25 with greater than 12.5% weekly losses on the chart. This was a serious pink alarm for buyers who’ve been feeling the warmth of the market for most of Q3. What stays to be seen is that if the pattern would proceed subsequent quarter.
Furthermore, a regarding narrative was additionally starting to show on Polkadot’s social discussions. According to crypto analytics platform Santiment, a destructive sentiment was leaping forward of any positivity surrounding Polkadot. While each the emotions had been ranging shut to one another, FUD took over the market by storm just lately with large sell-offs.