• Wed. Jun 12th, 2024

Polkadot (DOT): Investors Should Know These Updates Before Exiting

Johan Poulsen

ByJohan Poulsen

Sep 12, 2022

Polkadot (DOT) experiences a shake-up following mixed emotions on the platform. The altcoin has seen slowed development activity of late, regardless of the latest network growth.

Santiment data revealed that Polkadot witnessed reversal trends in development activity within the past few days. Polkadot witnessed high developer activity between July and September. However, the rush has cooled, with the platform stagnating on this front.

Anything New?

Recently, the @DonnieBigBags Twitter user posted about Polkadot’s improving NFT ecosystem. The analysts commented on the increasing volume of DOT-based GMR coin, surpassing 1M on Raresama.com within a week. Two available non-fungible token collections accumulated 515 sales. That indicated Polkadot’s increasing popularity within NFT markets plus its user acceptance.

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What for DOT?

Despite the mentioned slowdown, DOT saw accumulation intensifying among whales lately. WhaleStat update showed Polkadot is among the most utilized ‘smart’ contracts by the top 500 BSC dominant buyers today.

That represents a timely relief for market players that saw DOT plummeting towards $6.7 on September 7. Nevertheless, the alt has witnessed a sharp recovery, changing hands at $7.72 during this publication. Polkadot developers contributed to the hike following a new upgrade release.

DOT creators recently introduced a new platform upgrade, modifying Polkadot’s Runtime to v9270. The upgrade launch saw DOT’s price reciprocating to gain northbound strength. The upside pressure saw the asset’s weekly gains standing at 7% (Coinmarketcap data).

Despite the latest price recovery, Polkadot’s charts indicated a worrying stance for the trading volume. The network recorded daily volume of above 600M frequently during August sessions. Contrarily, September has witnessed trend reversals lately. Polkadot noted a 43% drop in the metric within the previous 24 hours.

Also, DOT enthusiasts should assess broad market sentiments for informed decisions. The market showed resilience to maintain upsides during this publication. The global cryptocurrency market cap stood at $1.05 trillion, dropping 0.66% within the previous day.

Meanwhile, most assets noted brief drops over the past day. While Bitcoin gained 0.41% in a day to $21,673.89, Ethereum paused its upside journey with a 2.46% dip in the past 24 hours. Let us wait for what the upcoming sessions will have for the crypto market.

Johan Poulsen

Johan Poulsen

Johan Poulsen is a skilled news writer known for his concise and informative reporting. With a passion for uncovering the facts, his articles provide readers with well-researched insights and a comprehensive understanding of the latest developments across various topics.

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