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Polkadot had an eventful week, but where does that leave DOT investors? 

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Polkadot’s NFT ecosystem witnessed growth last week both in terms of trade counts and partnerships. DOT’s market indicators were bullish, suggesting a trend reversal
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Assessing whether Polkadot’s latest integrations can help save its declining metrics 
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  • Polkadot’s revenue registered a decline over the last few days after witnessing a rise
  • DOT’s funding rate recently turned red, and its social volume also declined slightly 

Polkadot [DOT] registered a spike in its revenue and fees on 12 May. However, the trend failed to be a long-lasting one, as the graph was quick to go down during the following days. 

Source: Token Terminal

Interestingly, Polkadot recently posted its weekly roundup on Twitter, highlighting the most notable developments in its ecosystem, which can help change the scenario. 

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

A happening week indeed

As per Polkadot’s latest tweet, Moonbeam, Polkadot’s parachain announced an XCM integration with Equilibrium. This would bring Multichain assets to Equilibrium. It would also offer support for bridged assets from outside the Polkadot ecosystem.

Not only that, but apps on SubsocialChain can now be used without a wallet, tokens, or constant confirmations. 

Growth noted in Polkadot’s NFT ecosystem

Apart from the aforementioned updates, a few integrations also took place on the blockchain’s NFT ecosystem. For instance, Astar Network announced a partnership with JR Kyushu, the largest rail network in Japan. With this new partnership, NFTs on Astar Network will provide memorabilia and “proof of riding” certificates for 330 million people riding the railway annually.

Similar growth was also pointed out by Santiment’s chart. As per the data, Polkadot’s NFT trade count and trade volume in USD increased considerably over the last week, which looked optimistic. 

Source: Santiment

Polkadot continues to face the heat

Though DOT’s NFT ecosystem grew last week, the token’s price registered a decline. According to CoinMarketCap, DOT’s price went down by over 2% in the last 24 hours. At the time of writing, it was trading at $5.27 with a market capitalization of over $6.2 billion. 

Source: Santiment

Though DOT’s demand in the derivatives market remained high, its Binance funding rate recently turned red, which was a negative sign. DOT’s one-week price volatility also went down, decreasing the chances of a sudden uptrend anytime soon. The token’s social volume also plummeted marginally, reflecting DOT’s slight decline in popularity. 

Realistic or not, here’s DOT market cap in BTC‘s terms

Going forward

A look at DOT’s daily chart suggested that its price chart could turn green over the coming days. For instance, the MACD displayed the possibility of a bullish crossover soon. Both DOT’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) registered upticks, which too looked bullish. 

However, the only concerning indicator was that the Relative Strength Index (RSI) was resting way below the neutral mark, which can be troublesome in the short term. 

Source: TradingView

 

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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.
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