Polkadot: What you need to know before investing in DOT
- Polkadot’s total committed codes and development activity increased in the last seven days.
- DOT was down by over 3% in the past 24 hours, and market indicators were bearish.
Polkadot [DOT] has once again maintained its streak of having high development activity. As per Polkadot Insider’s 18 July tweet, the development activity could have boiled down to various factors.
POLKADOT WEEKLY RECAP
?Another weekly go through & however, @Polkadot is still on the way to growth
?Based on the data from @tokentermina & @subscan_io
✅AVG Developers 175
✅AVG Transactions ~7550
✅AVG Users ~4100 < last week
— Polkadot Insider (@PolkadotInsider) July 18, 2023
Realistic or not, here’s DOT’s market cap in BTC’s terms
Not only development activity but also the network’s value has been on an increasing trend for months now. However, despite the blockchain’s ecosystem remaining active, the token’s price action turned bearish.
Polkadot’s development activity remains high
Polkadot Insider’s weekly report highlighted that DOT’s number of codes committed last week was high. The same was also revealed by Santiment as Polakdot’s development activity spiked last week. An uptick in the metric shows developers’ efforts to improve the blockchain.
Apart from development activity, the blockchain’s value also increased, as evident from the rise in its TVL over the last few months. Moreover, its average active users also crossed the 4,000-mark last week.
Polkadot also showed high development, as it was the recipient of several notable integrations and launches.
1/ Every Monday the #PolkadotRoundup brings you the very latest from the Polkadot ecosystem.
Here are the key news and announcements from the many talented teams building in the Polkadot ecosystem ? pic.twitter.com/BSNDiyZVTL
— Polkadot (@Polkadot) July 17, 2023
As per the tweet, the Unique Network NFT Marketplace relaunch is an early-version platform that provides creatives with the most advanced NFT tools for bringing their inspirations to life.
Notably, in the first update of its kind, a public Decentralized Knowledge Graph Explorer from Origin Trails, was launched. Additionally, with the new BC Space feature on Bit.Country, users can now host daily meetings, virtual events, and set up virtual classrooms in 2.5D and 3D environments.
DOT investors are disappointed
Though Polkadot’s ecosystem developments were promising, the same can’t be said for the token’s price action. As per CoinMarketCap, DOT’s price declined by over 3% in the last 24 hours. At press time, it was trading at $5.21 with a market capitalization of over $6.5 billion.
Read Polkadot’s [DOT] Price Prediction 2023-24
A look at DOT’s daily chart suggested that the market indicators could remain bearish. For instance, the MACD displayed the possibility of a bearish crossover. Polkadot’s Relative Strength Index (RS) registered a downtick, which looked bearish.
Nonetheless, the Exponential Moving Average (EMA) suggested otherwise, as the 20-day EMA was above the 55-day EMA at press time.