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Reasons Polkadot parachains may drive DOT towards the bulls this quarter

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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.

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

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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.

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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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