Critics of the crypto industry often point toward Dogecoin, a meme cryptocurrency that was released as a practical joke but became one of the most valuable assets in the crypto industry, because it was initially propped by a single tweet from Elon Musk which propelled the coin towards incredible heights. Those who wanted to see cryptocurrencies fail said that it was a piece of evidence that the whole industry is not something that we should take seriously.
PolkaDot dethrones Dogecoin
PolkaDot is one of the most promising projects and a network that hosts many DeFi projects. It is a network focused on utility and bringing actual value by providing an infrastructure that can be used by developers of decentralized applications. Despite its immense usefulness and a solid user base, the native token of the network struggled to get attention from investors.
Many speculators preferred projects like Dogecoin, Shiba Inu, and Terra due to higher volatility and more hype surrounding them. The vast majority of crypto enthusiasts were against this trend, but it was impossible to stop the perfect storm from brewing in a market that saw one of the biggest asset surges of all time. The whole world was looking into the industry to find the next Bitcoin. It was a craze.
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The crypto winter quickly cooled down speculators and scammers. With less money coming in, coins without strong fundamentals or massive community support quickly fell into obscurity. Simultaneously, projects like PolkaDot that offer utility started gaining momentum and saw their token prices going up steadily amidst the overall bearish market.
The industry may be changing
This trend is not limited to just PolkaDot. Many other utility-oriented networks that can host other projects are getting exposure and seeing interest from investors. It is undeniable that blockchain is the future of fintech, so smart investors are carefully inspecting Cardano, PolkaDot, Ethereum, and other networks that promise to increase efficiency and bring something new to the table.
Currently, PolkaDot demonstrates good dynamic and outperforms DOGE by at least 5% (7-day growth) and aims to take root in the TOP10 of the crypto market!