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Polkadot’s [DOT] weekly roundup has these interesting insights for its traders

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Polkadot's [DOT] weekly roundup has these interesting insights for its traders
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  • DOT again topped the list of projects by average development activity
  • However, metrics suggested a trend reversal

Polkadot [DOT] recently uploaded its weekly roundup, wherein it mentioned all the important developments that occurred in Polkadot’s parachain teams, ecosystem projects, and infrastructure providers.

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

The most notable updates included AjunaNetwork’s first collectible NFT game and Awesome Ajuna Avatars. Kiltprotocol also announced its intentions to become a founding fellow for the new Polkadot Alliance. Additionally, AcalaNetwork was integrated with NotifiNetwork to provide push notifications for on-chain events.

All these developments looked promising and could have played a role in pumping DOT’s price over the past week.

Polkadot delights investors

DOT registered over 4% weekly gains and was trading at $5.48 with a market capitalization of over $6.2 billion at press time. Interestingly, the alt topped the list of projects by average development activity on GitHub over the last 30 days.

However, the good days might end soon. A few on-chain metrics suggested that DOT’s price might fall victim to a plummet. The trend reversal might have already started at the time of writing: DOT’s price declined by 4% in the last 24 hours.

Dark days to follow?

Despite the price hike, DOT’s volume registered a decline. Moreover, Polkadot’s Binance funding rate was also down compared to the last week, indicating less interest from the derivatives market.

Surprisingly, despite topping the list, Polkadot’s development activity dropped dramatically in the last seven days, implying that developers were putting less effort into improving the blockchain.

Source: Santiment

Polkadot’s NFT ecosystem was also not up to the mark, as the network’s total NFT trade count registered a decline. After increasing on 2 December, the total NFT trade volume in USD also followed the same route and went down. Therefore, considering all the aforementioned metrics, investors should be cautious before making a decision on DOT.

Source: Santiment

 

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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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