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Can ‘eco-friendly’ Polkadot gain public favor? This data suggests…

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Polkadot: Despite several updates in the past week, why did DOT fail to impress
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  • Polkadot’s eco-friendliness could positively impact sentiment.
  • Upcoming developments and a growing number of stakers could also drive interest.

According to recent data provided by PolkadotInsider, Polkadot [DOT] consumed the least amount of electricity compared to other cryptocurrencies in the market. This eco-friendliness could impact Polkadot and the sentiment surrounding the cryptocurrency positively.

How many are 1,10,100 DOTs worth today?

The sentiment remains unchanged

However, according to data provided by Santiment, the weighted sentiment around Polkadot remained negative throughout the last month. However, the lack of electricity usage of Polkadot could play a role in changing public sentiment around the cryptocurrency and nudge it in a positive direction.

Source: Santiment

The growing number of social mentions and engagements for Polkadot could also have a positive impact on the cryptocurrency. Over the last week, the number of social mentions grew by 19%. Moreover, engagements for Polkadot grew by 23.9% during the same period.

This could indicate that more people are talking about Polkadot and engaging with the cryptocurrency, which could lead to increased adoption and interest in DOT.

There have also been several upcoming referendums which could affect the network. The new referendums would deal with governance and runtime upgrades, which could make the cryptocurrency more attractive to investors. Additionally, the growing number of stakers on Polkadot, which grew by 5.9% over the last 30 days, could also indicate a positive impact on cryptocurrency.

Source: Staking Rewards

Polkadot sees spike in transfers

Moreover, Polkadot’s daily transfer amount also witnessed a huge spike, according to data provided by SubScan. The number of transfers increased from 9.5 million to 58.4 million over the last week. This could indicate that more people are actively using and transferring their DOT.

Source: SUBSCAN

Realistic or not, here’s DOT’s market cap in BTC’s terms

However, despite these positive developments, the token’s market cap dominance declined over the past month and volatility grew by 2.76%. This could indicate that investor sentiment around Polkadot was uncertain at press time and the crypto currency’s future performance was not guaranteed.

Source: Messari

These recent developments, although positive, may not be enough for Polkadot to see green in the short-term, but it may have a positive impact on the cryptocurrency in the long run.

The price of DOT was $6.18 at the time of writing and it decreased by 5.51% in the last 24 hours, according to CoinMarketCap.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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