Connect with us

Altcoins

Reasons Polkadot parachains may drive DOT towards the bulls this quarter

Published

on

Source: Unsplash


Polkadot’s parachains were observed to be performing well in the past seven days. The growth of the parachains could aid Polkadot to witness some growth in the near future.

____________________________________________________________________________________

Here’s AMBCrypto’s Price Prediction for Polkadot [DOT] for 2022-2023

____________________________________________________________________________________

Parachains go insane

Top parachains on the Polkadot network, such as Moonbeam, Astar, and Alaca showed improvements in their respective sectors. For instance, dApps on the Moonbeam Network showed growth. Furthermore, over the past week, the top dApps on the Moonbeam Network witnessed growth.

StellaSwap and Moonwell Artemis witnessed improvements in the number of unique active addresses on the network. Furthermore, at the time of writing, the number of unique active addresses on StellaSwap grew by 3.08%. Additionally, Moonwell Artemis grew by 9.09% in the last seven days.

The parachain Astar also showed improvements in the DeFi space. As can be seen from the image below, Astar’s TVL grew over the past few weeks. 

At press time, Astar’s TVL stood at 36.02 million. Acala, another DeFi based parachain also witnessed a 0.76% surge in its TVL in the last 24 hours and its total TVL stood at $47 million according to data provided by DeFiLama.

Source: DeFiLlama

However, despite the success of Polkadot’s parachains, its social engagements and mentions kept on continuing to decline. According to the social media analytics website LunarCrush, Polkadot’s social mentions decreased by 20.9%. Furthermore, its engagements fell by 21.5% over the past week.

A grim picture for DOT

DOT’s weighted sentiment declined over the last seven days as well, however, its weighted sentiment still remained slightly positive. This indicated that the crypto community had a positive sentiment about Polkadot at press time.

Source: Santiment

Moreover, its development activity continued to decline as well during the same time period. This indicated that the team at Polkadot had not been contributing to its GitHub.

The aforementioned information also implied that there may be no updates or upcoming upgrades on the Polkadot network. However, Polkadot’s market cap continued to grow over the past week, along with its price.

Source: Santiment

At press time Polkadot was trading at $6.81 and had appreciated by 3.29% in the last 24 hours. However, its volume continued to decline and it depreciated by 6.23% during the same duration.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.