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Polkadot: What a surge in network activity means for DOT prices

2min Read

Polkadot experienced a significant surge in price within the last 24 hours, coinciding with increased activity.

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  • Polkadot’s price surged massively over the last 24 hours as activity soared.
  • However, overall sentiment around DOT declined.

As the year comes to an end, altcoins have seen a massive surge in interest. Polkadot[DOT] has been one of the altcoins that has amassed huge interest in the last 24 hours.

Up and up

During this period, the price of DOT grew by 6.28%. At press time, DOT was trading at $8.05.

One of the reasons for the sudden surge in price for DOT could be attributed to a spike in activity on the Polkadot network.

At press time, the Polkadot relay chain recorded 1 million transactions, marking the highest daily activity in its history and surpassing the previous peak of 941,000 transactions on 5th May, 2021. The increased activity is attributed to inscriptions.

Increased activity indicates growing engagement and utilization of the platform, showcasing its capabilities and attracting attention from users and developers.

This heightened interest may lead to further adoption, ecosystem growth, and increased value for the Polkadot network and its native token.

Due to this, Polkadot secured the second position among cryptocurrencies in terms of revenue, achieving an impressive growth of over 300%.

Looking at other factors

Moreover, the social volume for DOT grew materially over the last few days. This indicated that Polkadot was gaining massive popularity on the social front.

However, despite the rising price, the weighted sentiment for DOT remained negative. This suggested that the number of negative comments made towards DOT had outnumbered the number of positive ones at the time of writing.

Source: Santiment

However, new proposals being made around the network may impact the overall state of the network.

Read DOT’s Price Prediction 2023-24

The Polkadot governance has introduced several impactful proposals that could reshape the blockchain’s functionality. Currently, Polkadot is in the approval phase for various proposals, including Referendum 335.

This proposal focuses on implementing a new auction schedule for Polkadot in 2024 and is currently garnering 98.1% approval.


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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