Silent DOT holders can consider these updates as a sign to unleash the bulls…
- Development activity on the Polkadot network painted a gloomy picture at the time of writing.
- However, DOT could see some positive movement over the next few days as Mythical Games moves to the chain
The last three months saw Polkadot [DOT] struggling to maintain its price in the green and failed to do so on multiple instances. However, that didn’t stop the chain from bringing fresh developments to the ecosystem.
Polkadot Insider, a Twitter handle that offers insight into the Polkadot ecosystem, recently posted an update on the NFT front. As per the Twitter handle, various NFTs projects were choosing the Moonbeam Network smart contract platform for deployment.
? Let's see the NFTs of the #Moonbeam Ecosystem
Which project do you like below?
— Polkadot Insider (@PolkadotInsider) April 26, 2023
Is your portfolio green? Check the Polkadot Profit Calculator
NFTs in full swing then?
Despite the aforementioned development, data from the intelligence platform Santiment showed a different picture of the ecosystem’s NFT landscape. As of 26 April, the total NFT trades count on the Polkadot network didn’t seem at its best. The press time figure was 1207.
Furthermore, the total NFT trades volume in USD also failed to impress as it stood at 2.62 million at the time of writing.
A look at Polkadot’s development activity depicted that developers were actively contributing to the network. At press time, this value stood at 100.
However, DOT’s weighted sentiment and social dominance weren’t very enthusiastic at the time of writing. DOT’s weighted sentiment stood at -0.788 whereas its social dominance stood at a mere 0.255%.
Is DOT suffering in the cold?
Polkadot Insider also posted a tweet on 25 April stating that in terms of the Nakamoto Coefficient measure, Polkadot stood as the most secure and decentralized chain in comparison to any other network.
Despite much to cheer about DOT could be seen clenching its jaws.
Once again @Polkadot proves its superiority amongst other networks! ?⚡️
In terms of the Nakamoto Coefficient measure, #Polkadot is significantly more secure and decentralized than any other network
A method used to calculate the lowest number of validator nodes needed to… pic.twitter.com/3wSUewjWp1
— Polkadot Insider (@PolkadotInsider) April 25, 2023
At the time of writing, DOT, although trading in the green, didn’t put up a very brave front. DOT’s Relative Strength Index (RSI) stood at 43.95 and was seen to be moving toward the neutral zone. Could this be the beginning of a trend reversal? It could very well be the case.
Furthermore, the Moving Average Convergence Divergence (MACD) indicated that the signal line was over the MACD line, a bearish sentiment. The MACD line also didn’t show any signs of going into a reversal anytime soon.
The Chaikin Money Flow (CMF) also stood at a value of -0.02, which indicated a selling pressure at the time of writing.
Read Polkadot’s [DOT] Price Prediction 2023-24
However, DOT investors could be hopeful about the future as DOT could take a turn for the better in the days to come.
As of 26 April, Mythical Games announced that it would be leaving the Ethereum [ETH] network to launch its Mythos ecosystem on the Polkadot network.
— Polkadot @ Consensus 2023 (@Polkadot) April 26, 2023
Additionally, the CEO of Mythical Games, John Linden, stated that,
“After discussions with numerous blockchain protocols, this was an easy decision: Polkadot’s commitment to innovation, security, and governance provides the most value for our community.”