Checking the Polkadot ecosystem as DOT attempts a recovery
- Network activity around DOT remained pretty stable last week.
- DOT was up by 3%, and a few indicators looked bullish.
Polkadot [DOT] recently outshined other cryptos on a critical front, highlighting its high revenue. Meanwhile, the blockchain’s native token gained an upward momentum after weeks as its daily chart turned green.
Polkadots growth rate is high
While the market remained somewhat bearish last week, Polkadot had other plans in terms of captured value.
Polkadot Insider, a popular X handle that gives updates related to the Polkadot ecosystem, recently posted a tweet highlighting one of the blockchain’s latest achievements.
DOT ranked number one on the list of blockchains in terms of incentive growth rate in the last seven days. Apart from Polkadot, Ronin and Mina Protocol also made it to the top three on the same list, while Avalanche [AVAX] registered the highest negative growth.
RANKING BLOCKCHAINS BY INCENTIVE GROWTH RATE IN 7 DAYS
🤔Which blockchains have the highest incentive growth rate in the past week?
👀Find out in our latest infographic that ranks the top🔟performers based on the growth rate of its incentive
🌟You might be surprised by some of… pic.twitter.com/iUYZ70PoHX
— Polkadot Insider (@PolkadotInsider) January 26, 2024
The growth rate was also noted in terms of other key metrics. AMBCrypto’s assessment of Token Terminal’s data revealed that DOT’s fees remained high throughout the last week.
A similar trend was also noted in terms of its revenue, suggesting stability. Not only that, but the blockchain’s daily active addresses also remained high last week, which looked optimistic.
How is DOT doing?
Nonetheless, the good news was that the trend changed as Polkadot’s price chart turned green. In the last 24 hours, the token’s price shot up by over 2%. At the time of writing, it was trading at $6.56 with a market capitalization of over $8.3 billion.
Thanks to the rise in the token’s price, its social metrics also soared. Santiment data revealed that Polkadot’s social volume increased in the recent past.
Bullish sentiment around the token also increased last week, as evident from the rise in its weighted sentiment.
Is your portfolio green? Check the DOT Profit Calculator
To understand whether DOT would be able to maintain the price hike, AMBCrypto checked its daily chart. We found that the MACD displayed the possibility of a bullish crossover.
Both its Money Flow Index (MFI) and Chaikin Money Flow (CMF) also registered upticks, hinting at a further uptick in Polkadot’s price. Another bullish indicator was DOT’s Bollinger Bands, as it pointed out that DOT’s price was in a somewhat volatile zone.