Connect with us
Active Currencies 12820
Market Cap $2,083,988,612,297.30
Bitcoin Share 49.08%
24h Market Cap Change $0.43

Polkadot’s parachain, ecosystem projects thrive, but when will DOT follow the suit?

2min Read
Polkadot's parachain, ecosystem projects thrive, but when will DOT follow the suit?

Share this article



  • Polkadot’s latest tweet revealed all the developments that happened in the last few weeks. 
  • Metrics looked positive for the crypto, but a decline was registered in its NFT space.

After a cold week, Polkadot [DOT] finally started to show signs of revival as it registered positive growth in the last 24 hours.

According to CoinMarketCap, DOT’s price increased by over 3% over the last day. At press time, it was trading at $5.27 with a market capitalization of more than $6 billion.

This recent uptrend can be attributed to the developments that happened in the Polkadot ecosystem over the past few weeks. 


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


Polkadot on fire

Polkadot recently posted a roundup tweet, pointing out all the major developments that took place in the network. A few of the notable ones include Astra Network becoming the first parachain on Polkadot to support light clients via PokadotJS.


Furthermore, according to the reports, Enjin has released Wallet 2.0, the most significant update to Enjin Wallet since 2018. New features include viewing NFTs minted on Efinity, which is a decentralized metaverse built on Polkadot.

Meanwhile, Acala Network announced the launch of “Chopsticks,” an open-source client to improve testing in the Polkadot ecosystem. The client allows developers to fork any Substrate-based network, and create a testing environment that is an exact replica of the mainnet.

Interestingly, Polkadot once again managed to outperform the king of altcoins, Ethereum, on the metrics front. As per Santiment’s data, Polkadot topped the list of cryptos in terms of development activity, reflecting developers’ efforts to improve the blockchain, despite the ongoing crypto winter. 

Can Polkadot sustain itself?

Now, a few on-chain metrics, apart from DOT’s development activity, also looked pretty optimistic for the token.

It somewhat suggested that the price hike might continue further in the coming days. Consider this- over the last few days, DOT’s volume went up considerably, legitimizing the price surge.

DOT also managed to remain a topic of discussion in the crypto community as its social volume spiked quite a few times in the past week.

Source: Santiment

Even so, Polkadot did not register growth in its NFT space. Santiment’s chart revealed that DOT’s total NFT trade count and trade volume in USD, after spiking on 6 December, went down substantially over the next few days. 

Source: Santiment

All this goes to say that investors need to be very cautious before making any move with their money.


Share

Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.