Polkadot (DOT) Sees 6% Price Increase Amid High Development Activity
In Brief
The cryptocurrency Polkadot (DOT) is seeing a price increase of 6%. While the value of the token is rising, development activity remains high, which could have a greater impact on the value of DOT. Despite the promising price increase, DOT’s weighted sentiment remains in the negative, meaning a bearish sentiment prevails in the market. Nevertheless, the social volume is high, indicating its popularity in the crypto space.
Polkadot kicks off Bull Rally
According to CoinMarketCap, the price of DOT has risen by more than 4% in the last seven days. However, the value of Polkadot has increased by over 6% in the last 24 hours. At the time of writing, DOT was trading at a price of $8.12, with a market capitalization of over $10.4 billion. DOT’s trading volume rose by over 75% in the last 24 hours.
Market sentiment and metrics
Although the market sentiment was bearish, the metrics told a different story. The open interest in the token rose along with its price. An increase in this metric usually increases the chances that the current price trend will continue. In addition, the Binance funding rate also shot up, suggesting that derivatives investors actively bought DOT at its higher price.
Development Activity and Future Outlook
As the token’s price gained upward momentum, the development activity around the blockchain remained high. This is consistent with the history of the blockchain, as Polkadot is known for its high development activity. According to a recent tweet from Polkadot Insider, the number of daily code commits of the blockchain jumped on February 23. The average number of DOT developers last week was 122, while the average user count was over 6k.
Our Assessment
Despite the bearish sentiment in the market, Polkadot is showing strong performance with a significant price increase and high development activity. This could suggest that interest in this cryptocurrency remains high and that it could continue to be attractive to investors. However, it remains to be seen whether this upward trend will continue and whether Polkadot can further strengthen its position in the market.
Sources: CoinMarketCap, Santiment, TradingView, Polkadot Insider, Dipayan Mitra, Ann Maria Shibu
| Symbol | DOT |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $5.72 |
| 24h % | -5.24 % |
| 7d % | 14.18 % |
| 30d % | 31.47 % |
| 60d % | 31.67 % |
| 1y % | 9.78 % |
| Market Cap | $8,229,587,061.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X |
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