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Polkadot [DOT] remains investors’ favorite as its ecosystem and token…

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Polkadot [DOT] remains investors' favorite as its ecosystem and token...
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  • Polkadot’s NFT space witnessed growth in the last week
  • Metrics were in DOT’s support, helping it increase its value 

Polkadot [DOT] posted its weekly roundup on 6 February, which mentioned all the notable developments that happened in its ecosystem during the last seven days. The developments were not only confined to Polkadot but also included updates for its parachains and other networks. 

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

A lively week

Polkadot mentioned in the roundup that Stella Swap, Squid, and Axelar network joined forces to bring cross-chain interoperability to the Moonbeam ecosystem. This gave dApps built on Moonbeam access to new cross-chain functionality and improved user experience. 

Efinity also made an announcement that added value to Polkadot’s NFT ecosystem. Reportedly, users could create their own NFT collections on Efinity using Polkadot.

Santiment’s chart follwed the trajectory of Polkadot’s announcements, as it revealed growth in the DOT’s NFT ecosystem. Interestingly, Santiment’s data revealed that, post the aforementioned announcement, Polkadot’s NFT ecosystem witnessed growth as its total NFT trade counts and trade volume in USD increased. 

Source: Santiment

Further, Subsocial, which is a web3 social protocol moving to Polkadot, revealed that developers building applications on Subsocial can use the Crust Network to manage content storage, ensuring users’ content is secure and censorship-resistant.

Moreover, Bitgreen, a sustainability L1 on Polkadot, launched a hydro project in Africa and a conservation project in Peru. Apart from these developments, Polkadot once again topped the list of blockchains in terms of development activity in the last 30 days. 

How much are 1,10,100 DOTs worth today?

How has DOT been?

DOT’s performance on the metrics front remained in the network’s favor over the last week, which helped it register gains on its chart. According to CoinMarketCap, DOT’s price increased by 6% in the last seven days, and at the time of writing, it was trading at $6.64 with a market capitalization of over $7.6 billion. Over the last week, DOT remained in demand in the derivatives market as its Binance funding rate was relatively high.

Thanks to DOT’s recent price action, its one-week price volatility went up sharply. The price pump was accompanied by an increase in volume. Moreover, positive sentiments around DOT also spiked, which reflected the crypto community’s trust in the token.

Source: Santiment

 

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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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