Why Polkadot investors have a reason to celebrate
The network's key metrics and price charts showed that there were reasons for investors to rejoice.
- Polkadot’s fees and revenue registered a slight decline in the last 90 days.
- DOT’s price increased by 2% in the last 24 hours, and indicators were bullish.
Polkadot [DOT] has been actively launching new projects on-chain, which helps in adding value to the network. A look at DOT’s key metrics suggested that the launches were now impacting the network positively as well.
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Polkadot’s popularity is not helping on ground
Polkadot Insider, a popular Twitter handle that posts updates related to the ecosystem, mentioned in a 6 June tweet that the blockchain was quickly becoming one of the most popular blockchain platforms for launching new projects.
As per the tweet, Acala Network, Astar Network, and Manta Network were the top parachains in the Polkadot ecosystem based on the number of investors they’ve attracted.
🚀 @Polkadot is quickly becoming one of the most popular blockchain platforms for launching new projects
👀 Let's take a look at the top parachains on the Polkadot ecosystem based on the number of investors they've attracted
Top 3 include:
🥇 @AcalaNetwork: 36
🥈 @AstarNetwork:… pic.twitter.com/0mUCPqRlxA— Polkadot Insider 🐂⭕️ (@PolkadotInsider) June 6, 2023
Though these numbers looked encouraging, the reality was different. Token Terminal’s data revealed that DOT’s fees declined slightly over the last 90 days. A similar trend was also seen in terms of the blockchain’s revenue.
A quick look at Polkadot’s weekly stats
Another Polkadot Insider tweet highlighted the blockchain’s network stats from the previous week. As per the tweet, DOT’s daily active users and transactions remained pretty stable, which looked encouraging.
POLKADOT WEEKLY RECAP
🚀Another weekly go through & however, @Polkadot is still on the way to growth
👉Based on the data from @tokenterminal & @subscan_io
✅AVG Developers: 162
✅AVG Transactions: 6096
✅AVG Users: 3513👇Check out the details below#Polkadot #DOT pic.twitter.com/GlqhAK15ZW
— Polkadot Insider 🐂⭕️ (@PolkadotInsider) June 6, 2023
However, DOT’s daily codes commit registered a decline. A similar drop was also noted on its development activity chart over the last seven days. This was surprising as Polkadot was known for its development activity.
DOT’s price turns green
After continuous price declines, DOT investors finally had reasons to celebrate as its daily chart turned green. As per CoinMarketCap, DOT’s price increased by more than 2% in the last 24 hours.
At the time of writing, it was trading at $5.17 with a market capitalization of over $6 billion. As per Santiment, DOT’s demand in the futures market also increased, as evident from its green funding rate.
Read Polkadot’s [DOT] Price Prediction 2023-24
Will the rally continue?
DOT’s MACD displayed a bullish crossover, which is a development in the buyers’ favor. Its Money Flow Index (MFI) also registered an uptick, further increasing the chances of a continued uptrend. Polkadot’s Relative Strength Index (RSI) looked concerning, though, as it went below the neutral zone.
