Connect with us

Altcoins

What Polkadot’s new staking dashboard means for DOT

Published

on

Source: Pixabay

The 2022 crypto market crash has, so far, ensured that almost every cryptocurrency received a deep discount. And Polkadot is making an effort to ensure that those buying the dip can put their DOT to good use.

Polkadot recently revealed the rollout of a new crypto staking dashboard that was designed keeping user-friendliness in mind. The number of Polkadot nominators surpassed 30,000 shortly after the new staking dashboard was unveiled at Polkadot Decoded. This highlighted the level of demand or interest in DOT staking.

The new staking feature underscore’s Polkadot’s efforts to encourage investors to stake their DOT especially if they are long-term HODLers. Such measures might support a higher price floor for DOT because the more DOT holders stake, the lower the selling pressure.

DOT traded at $6.91 after a 0.59% rally in the last 24 hours at press time, but down by 4.67% in the last seven days. It is currently trading within the same price range as it did during the June 2022 lows, hence highlighting a price floor or support.

Source: TradingView

DOT is down by roughly 87% from its historic top. Its Money Flow Index (MFI) indicates significant outflows in the last few days. However, DOT can potentially bounce back from the current price floor if market conditions allow.

Is DOT due for some upside?

Polkadot’s new staking dashboard may not have an immediate impact on the price but its contributions might be more pronounced in the long run. DOT’s price remains restricted near its 30-day lows. This aligns with the drop in developer activity since mid-June, hence reflecting low investor confidence. However, its social dominance metric shows increased activity since the start of July.

Source: Santiment

DOT’s subdued price action suggests that there is some level of uncertainty. However, some of its on-chain metrics suggest that investors have been buying DOT at its current discounted prices. For example, the supply held by whales metric registered an uptick from a 30-day low of 43.92% on 1 July to 44.54% on 6 July.

Source: Santiment

DOT’s volume metric also registered a notable uptick in the first six days of July.

A ‘DOT’ing future

The volume and supply held by whales uptick confirm that DOT experienced significant accumulation in the last few days. However, its price action remains subdued, suggesting the lack of enough buying pressure to support a major uptick.

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.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

Click to comment

Leave a Reply

Your email address will not be published.

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.