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June 18, 2024
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Polkadot Price Attempts a Recovery, But Fails to Clear the Crucial Zones! What’s Next?

The post Polkadot Price Attempts a Recovery, But Fails to Clear the Crucial Zones! What’s Next? appeared first on Coinpedia Fintech News

After a sharp price decrease in the previous week, Polkadot‘s price instantly rose and then stabilized for around two days between $5.91 and $6.01. Prices began to drop sharply, and the DOT price experienced a bearish market, which caused the prices to drop below $5.46.

The price reduction activity suggests that the number of developers adding to DOT’s Github has significantly decreased and that investors may have a negative view of developer engagement.

In the past several days, Polkadot’s social media activity has also drastically decreased. The number of engagements has been seen to be down 12.3% since last month. According to sources, over the past several days, Polkadot’s weighted sentiment has significantly decreased and its social volume has steadily decreased. This suggests that there is currently a lot of unfavourable sentiment surrounding the token.

The future price of DOT could be negatively impacted by the diminishing social volume and bad attitudes.

Every Cloud Has a Silver Lining

Despite the price’s sharp decrease, which created a bearish environment and significantly reduced Polkadot’s social media presence, the token still managed to highlight some good aspects. Let’s have a look.

Massive surge in NFT volume

Polkadot noticed some expansion in the NFT division. Since last month, Polkadot’s NFT volume has been steadily increasing. In just one month, the volume has increased dramatically, from $363,270 to $1.62 million.

Tether launches its stablecoin on Polkadot

Another benefit of Polkadot is the growth in the number of collaborations. On September 23, Tether announced that their stablecoin USDT would go live on Polkadot. Through this action, Polkadot’s operations would gain legitimacy and receive a reliable currency to enter and exit the network.

Chainlink is incorporated into Polkadot

Chainlink has been incorporated into the Polkadot network. Hence that projects on the chain can use chainlink’s data pricing feed to source off-chain data for their DeFi protocols.

The numerous partnerships Polkadot indicates indicate DOT’s long-term success. Readers are encouraged to be aware that short-term price fluctuations may have a detrimental impact on DOT.

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