Will Polkadot [DOT] maintain its price surge this week? Data suggests...
TL;DR DOT’s price increased by more than 7% in the last 24 hours, and on-chain metrics suggested that the coin could further go up. The recent bullish market had a great impact on DOT as well, however, other cryptos registered more gains compared to DOT. On-chain metrics were optimistic as bearish sentiment decreased, futures demand increased and social volume shot up.
DOT’s price increased by over 7% in the last 24 hours of press time.
Ecosystem updates and on-chain metrics suggested a further uptrend.
Polkadot Insider recently revealed a major bullish signal for DOT as it was found that the coin was only behind Ethereum [ETH] on the list of blockchains in terms of Altrank.
DOT’s Altrank was also reflected on the chart, its price increased by more than 7% in the last 24 hours. At the time of writing, DOT was trading at $$5.95, with a market capitalization of over $6.9 billion.
🔥 @Polkadot stands out of other top chains by being ranked #2 regarding Altrank which is a metric that shows you the health and performance of a project Let's discover more below to have a better comparison 👇 Are you a #DOT enthusiast? 😍#Polkadot #DOT #ETH #BNB #ATOM pic.twitter.com/6rB5vWTZ2r — Polkadot Insider (@PolkadotInsider) March 12, 2023
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The scenario turned out to be different
Though the recent bullish market played its part in pushing DOT’s price upward, the gains were not equivalent to the Altrank findings.
Other cryptos, such as Cardano [ADA] and Binance Coin [BNB], registered more gains compared to DOT. A possible reason for this could be the recent MixBytes episode, wherein it was announced that the blockchain auditor would stop supporting Lido on Polkadot and Kusama.
Notably, services have been suspended for a number of reasons, including market conditions, protocol growth, capacity issues, and priority alignment.
Can DOT live up to expectations?
Nonetheless, several developments happened in the Polkadot ecosystem in the recent past, which can drive further growth of the network.
For instance, Polkadot’s NFT ecosystem had an interesting update. Polkadot parachain Unique Network minted proof-of-attendance NFTs for fashion label DUNDAS to release to guests attending its show at Paris fashion week.
1/ 📣 Partnership news! Polkadot parachain @Unique_NFTchain is minting proof-of-attendance NFTs for fashion label DUNDAS to release to guests attending its show at #ParisFashionWeekhttps://t.co/ld5M6UFm39 — Polkadot (@Polkadot) March 8, 2023
In addition to that, SuperHedge, a DeFi platform, revealed that it had chosen Moonbeam to launch its testnet. Moonbeam’s cross-chain connectivity feature will enable SuperHedge to connect and interact with different chains, including Polkadot and EVM.
Choosing the right #Layer1 ecosystem for a #DeFi project involves considering various factors. We found @MoonbeamNetwork to be exceptionally supportive and helpful towards us as builders.🏗🏗️️ Thus we're launching our #Testnet on Moonbeam for the below reasons
⬇️⬇️ pic.twitter.com/zVgqayK59G — SuperHedge (@superhedgeio) March 9, 2023
Realistic or not, here’s DOT market cap in BTC‘s terms
On-chain performance looks optimistic
A look at Polkadot’s on-chain metrics suggested that the recent price pump had a foundation, and the token’s price can further increase in the coming days.
The price uptick was accompanied by a rise in volume. LunarCrush’s data highlighted that bearish sentiment around DOT decreased by more than 75% over the past week, which was a promising development.