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Polkadot [DOT] traders might have a holly jolly new year because…

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Polkadot [DOT] traders might have a holly jolly new year because...

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  • Polkadot achieved quite a few milestones last year.
  • The year 2023 also looks promising for DOT.

Polkadot [DOT] recently tweeted about its yearly roundup mentioning all the notable developments that happened in its ecosystem in 2022.

The tweet talked about several achievements. For instance, DOT had more than 74 parachains, over 300 dapps, 550+ projects, and 2,500 monthly active developers across the ecosystem.

This reflected the popularity and reliability of the network. Moreover, over 350,000 XCM transfers were sent by the Polkadot ecosystem, ushering in a new age of safe cross-chain interoperability and taking a significant step toward bringing the wonder of secure cross-consensus bridging to the rest of the world.


Read Polkadot’s [DOT] PricePrediction 2023-24


How was 2022?

Despite the bearish market, DOT’s last year looked pretty good in terms of what was happening in the ecosystem. DOT has managed to remain one of the top blockchains for its development activity.

Over the last three months, DOT’s metrics also showed some interesting movements. For example, its development activity has recently decreased.

Furthermore, after a sharp decrease in November, DOT’s Binance funding rate went up consistently, which proved its demand in the derivatives market. The crypto community also talked about DOT with utmost excitement as evidenced by its social dominance increase.

Source: Santiment


How many DOTs can you get for $1?


This can be expected

A few of the market indicators were also supportive of a price hike this year. The relative strength index was hovering near the oversold zone. DOT’s Money Flow Index also registered an uptick, which looked promising for the network.

Nonetheless, the Exponential Moving Average (EMA) Ribbon was bearish as the 20-day EMA was resting below the 55-day EMA. The Chaikin Money Flow (CMF) also went down, which might be troublesome.

Source: TradingView

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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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