Connect with us
Active Currencies 11329
Market Cap $1,660,563,272,531.60
Bitcoin Share 51.40%
24h Market Cap Change $3.45
Altcoin

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

2min Read
Posted:
editors
Polkadot [DOT] remains investors' favorite as its ecosystem and token...
editors
Posted:

Share this article


  • 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

Share

  •
Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
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.