Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

Polkadot could be the life of a party but this is why DOT could be a spoilsport

2min Read

Polkadot has outperformed other blockchain platforms in recent development activity, but its DOT token is struggling, with strong staking and volume metrics in place.

Polkadot's Development Activity Takes the Lead, but Will it Boost DOT and the Ecosystem?

Share this article

  • Polkadot records the highest development activity among major blockchain platforms
  • DOT token struggles for momentum while staking and volume metrics remain healthy

According to recent reports, there’s been a flurry of activity around Polkadot’s development metric, which was a positive sign. The big question, however, was whether this uptick in activity will have a ripple effect on DOT and the overall ecosystem.

Are we looking at a significant boost for Polkadot, or is this just a temporary blip on the radar?

Read Polkadot’s (DOT) Price Prediction 2023-24

Polkadot bosses dev activity

Santiment’s latest data revealed that Polkadot ranked top for development activity among major blockchain platforms in the last month. A glance at the chart highlighted the dominance of Polkadot and Kusama, with both boasting over 600 units.

Interestingly, this correlation between development activity and price performance wasn’t a mere coincidence. History has shown that assets backed by dedicated and forward-thinking teams tend to be the ones that thrive and make significant gains in the long run.

Upon examining Polkadot’s development activity, it became apparent that April has been a particularly bustling month for the platform. While there was a notable spike in activity during March, it paled in comparison to the current flurry of development on Polkadot.

As of this writing, the platform’s development activity stood at 100.

Polkadot dev activity

Source: Santiment

DOT on a daily timeframe 

Despite Polkadot’s impressive development activity, the same cannot be said for its DOT token, which has struggled to gain momentum recently. The daily timeframe chart showed that the token had experienced more declines than gains in the past few days.

DOT/USD price move

Source: TradingView

However, as of this writing, there was a glimmer of hope, with DOT trading at a modest profit of just under 1%, hovering around the $5.9 mark. A strong support region was in place, spanning between $5.6 and $5.1, which could provide some much-needed stability for the token.

On the flip side, the long Moving Average was a resistance point, with DOT struggling to break through the $6.2 mark. 

DOT staking and volume

Based on CoinMarketCap’s latest figures, the circulating supply of DOT currently exceeded 1.1 billion tokens. However, data sourced from Polkadot explorer Subscan revealed that a significant portion of these tokens – more than 631 million, to be exact – are currently being staked.

Nearly all of this staked token – representing a staggering 99.6% – is being staked through nominators, while validators account for just 0.3%. 

– Is your portfolio green? Check out the Polkadot Profit Calculator

Despite this high level of staking activity, the volume metric for DOT has also been holding up quite well. According to the latest data from Santiment, the volume metric registered over 246 million as of this writing. The volume indicated a healthy trading activity and interest in the token.

DOT volume

Source: Santiment


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.
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.