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Will Polkadot be the hidden gem of this bear market? Metrics reveal…

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  • The social engagement metric of Polkadot increased 
  • The number of active addresses too registered a spike, however, DOT’s volume went down

Despite the FUD surrounding the crypto market, DOT’s prices grew markedly over the last week. This could be attributed to either the interest generated by Polkadot through its nomination pools or the increasing level of work done to improve its users’ security.

According to data provided by Messari, DOT’s prices appreciated by 1.18% regardless of last week’s bearish shackles.


Read Polkadot’s Price Prediction 2022-2023


DOT surged due to various developments  

According to LunarCrush, a social analytics platform, Polkadot’s social mentions increased by 68.9% over the last week. Its social engagements grew by 71.4% during the same period.

However, the sentiment against Polkadot was extremely volatile. As can be seen from the image below, the weighted sentiment for Polkadot oscillated from positive to negative throughout the week.

At press time, the sentiment of the crypto community was negative towards the alt. 

Source: Santiment

Despite the negative sentiment towards Polkadot, the number of stakers on DOT witnessed a massive spike over the last week and sat at 22,074 at the time of writing.

Source: Staking Rewards

Another avenue where Polkadot witnessed growth was the number of active accounts on the network, which witnessed a huge spike over the last few days. However, it later went on a southward journey.

Source: Subscan

Not without some setbacks

Well, not all was well for DOT. Polkadot could not register sufficient growth in terms of volume over the last 30 days. The volume decreased from 300 million to 126 million, according to data provided by Santiment. Its market cap too noted a significant decline, as evidenced by the chart below.

Source: Santiment

All in all, it appears that most factors seem to favor Polkadot during this bear market. However, it remains to be seen whether DOT would be able to pull through this crypto winter.

That said, at the time of writing, Polkadot was trading at $5.35. Its price slumped by 0.84% 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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