Connect with us
Active Currencies 14317
Market Cap $2,546,991,118,385.10
Bitcoin Share 51.67%
24h Market Cap Change $0.09

How Polkadot staking and DOT have helped each other this bull run

2min Read

The total number of tokens staked on Polkadot increases substantially during the latest bull market. Concurrently, DOT witnesses a price rise.

How Polkadot staking has helped DOT's price

Share this article

  • Polkadot’s staking market cap reached over $2.88 billion. 
  • DOT was up by 19% in the last week, but it has since witnessed a slight correction. 

Polkadot [DOT] has witnessed growth in its staking ecosystem of late, which looked promising. In fact, the altcoin’s staking ecosystem can get a further boost in the days to follow, and here’s how.

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

Bird’s-eye view of the Polkadot staking space

Staking Rewards’ 26 October data revealed that Polkadot’s staking space has grown in the recent past. Thanks to the bullish market, when DOT’s price rose, its total number of tokens staked also spiked substantially. At the time of writing, the figure stood at 671.51 million.

Source: Staking Rewards

Apart from that, the staked tokens surged by a whopping more than 500% in just the last 24 hours. Polkadot had a staking ratio of only 49% and a staking market capitalization of more than $2.88 billion.

Additionally, DOT’s total staked wallets also increased by 2%, reaching 39.22k at press time.

Moreover, StellaSwap, a parachain of Polkadot, made a new announcement that could propel further growth in DOT’s staking ecosystem.

As per the tweet, StellaSwap’s newly launched stDOT token will have its own farm from 26 October. Unlike DOT staked directly on the Polkadot network, stDOT will be free from the limitations associated with the lack of liquidity.

The new launch can attract more users on the network and help spur Polkadot’s staking ecosystem even more in the weeks to come.

Polkadot is moving up

While the blockchain’s staking space grew, DOT also followed a similar path, as its price went up in double digits over the last seven days. According to CoinMarketCap, the token was up by nearly 20% last week.

At the time of writing, DOT was trading at $4.32 with a market capitalization of over $5.4 billion. The token’s volume also rose during that period, reflecting investors’ willingness to trade the token.

Source: Santiment

Thanks to the rise in value, DOT’s Price Volatility 1w witnessed a surge. Its Social Volume remained high throughout the week, meaning that it remained a steady topic of discussion in the crypto space until press time.

Is your portfolio green? Check out the DOT Profit Calculator    

Though DOT’s weekly chart was bullish, it was interesting to know that a sell-off happened in the recent past that slowed down DOT’s momentum. This was evident from Hyblock Capital’s data.

As per the chart, liquidation levels started to increase on 24 October, after which the candlestick turned red, causing a slight price correction.

Source: Hyblock Capital


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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.