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Despite DOT’s rally, Polkadot faces roadblock

2min Read

PolkaWorld’s proposal to seek operation costs gets rejected. DOT, however, rallies in the last 24 hours.

Despite DOT's rally, Polkadot faces roadblock

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  • PolkaWorld mentioned that there were issues with financial management under OpenGov.
  • DOT was up by more than 3% in the last 24 hours, and a few metrics were bullish. 

Polkadot’s [DOT] Polkaworld, which is a community of blockchain enthusiasts in China, recently hit a roadblock. The community had earlier submitted a proposal asking to cover community operation between September – November 2022. However, the proposal was rejected.

Read Polkadot’s [DOT] Price Prediction 2023-24

PolkaWorld’s proposal gets rejected

PolkaWorld, the largest Chinese community in Polkadot, announced that it would soon cease operations. The community has been out of operation for half a month due to the rejection of its proposal to apply for official funding.

The original proposal was submitted in August, but later got rejected as the majority of the voters cast their votes against it. PolkaWorld also mentioned that there were issues with financial management under OpenGov, with many people being rejected and leaving the Polkadot ecosystem.

The tweet also mentioned that if OpenGov aids in the loss of talented teams, then they might be making a mistake. The community interviewed some DOT holders who believe that applicants converting Treasury funds into cash is harmful to them, so they tend to vote against all proposals.

Thus, going forward, PolkaWorld will update its proposal based on community suggestions.

However, it is pertinent to note that the PolkaWorld incident did not have a negative impact on DOT’s social front. This was evident from Santiment’s chart, which showed that DOT’s social dominance was high. Moreover, its weighted sentiment also remained on the positive side.

Source: Santiment

DOT is picking up its pace

While the aforementioned episode happened, DOT picked up pace as its price action turned bullish. According to CoinMarketCap, DOT’s price surged by more than 3% in the last 24 hours. At the time of writing, it was trading at $4.20 with a market capitalization of over $5.1 billion.

The good news was that DOT’s price hike was accompanied by a rise in daily trading volume. Its Open Interest also registered an uptick in the last 24 hours.

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

When Open Interest increases, it usually means new money is coming into the market for that option, meaning that the possibility of a continued uptrend is high.

However, the token’s 1-week price volatility went down slightly, which could restrict DOT’s price from moving up further. It was interesting to note that Polkadot, which is famous for its development activity, registered a drop in that metric over the last seven days.

Source: Santiment


Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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