Polkadot had an eventful week, but where does that leave DOT investors?
- Polkadot’s revenue registered a decline over the last few days after witnessing a rise
- DOT’s funding rate recently turned red, and its social volume also declined slightly
Polkadot [DOT] registered a spike in its revenue and fees on 12 May. However, the trend failed to be a long-lasting one, as the graph was quick to go down during the following days.
Source: Token Terminal
Interestingly, Polkadot recently posted its weekly roundup on Twitter, highlighting the most notable developments in its ecosystem, which can help change the scenario.
1/ Every Monday the #PolkadotRoundup brings you the very latest from the Polkadot ecosystem.
This week’s 🧵 is ready for you now. Read on for the key news and announcements from the many talented teams building in the Polkadot ecosystem. pic.twitter.com/dLiK5Rm2rF
— Polkadot (@Polkadot) May 15, 2023
Read Polkadot’s [DOT] Price Prediction 2023-24
A happening week indeed
As per Polkadot’s latest tweet, Moonbeam, Polkadot’s parachain announced an XCM integration with Equilibrium. This would bring Multichain assets to Equilibrium. It would also offer support for bridged assets from outside the Polkadot ecosystem.
🚊 The largest rail network in Japan, J.R. Kyushu, in partnering with P.R.O. Co. Ltd is a game-changer for NFT adoption in Japan! With 330 Million people riding the railway annually, the project can potentially reach massive adoption! 🌟
Read more below!https://t.co/PPTvQUOqyI pic.twitter.com/A4OtDd5ccV
— Astar, Future of Smart Contracts for Multichain (@AstarNetwork) May 12, 2023
Not only that, but apps on SubsocialChain can now be used without a wallet, tokens, or constant confirmations.
3/ @MoonbeamNetwork announced an XCM integration with @EquilibriumDeFi bringing @MultichainOrg assets to Equilibrium. Demonstrating the potential of Moonbeam’s #connectedcontracts, this brings support of bridged assets from outside the Polkadot ecosystem.https://t.co/UULFjEvS6z
— Polkadot (@Polkadot) May 15, 2023
Growth noted in Polkadot’s NFT ecosystem
Apart from the aforementioned updates, a few integrations also took place on the blockchain’s NFT ecosystem. For instance, Astar Network announced a partnership with JR Kyushu, the largest rail network in Japan. With this new partnership, NFTs on Astar Network will provide memorabilia and “proof of riding” certificates for 330 million people riding the railway annually.
🚊 The largest rail network in Japan, J.R. Kyushu, in partnering with P.R.O. Co. Ltd is a game-changer for NFT adoption in Japan! With 330 Million people riding the railway annually, the project can potentially reach massive adoption! 🌟
Read more below!https://t.co/PPTvQUOqyI pic.twitter.com/A4OtDd5ccV
— Astar, Future of Smart Contracts for Multichain (@AstarNetwork) May 12, 2023
Similar growth was also pointed out by Santiment’s chart. As per the data, Polkadot’s NFT trade count and trade volume in USD increased considerably over the last week, which looked optimistic.
Source: Santiment
Polkadot continues to face the heat
Though DOT’s NFT ecosystem grew last week, the token’s price registered a decline. According to CoinMarketCap, DOT’s price went down by over 2% in the last 24 hours. At the time of writing, it was trading at $5.27 with a market capitalization of over $6.2 billion.
Source: Santiment
Though DOT’s demand in the derivatives market remained high, its Binance funding rate recently turned red, which was a negative sign. DOT’s one-week price volatility also went down, decreasing the chances of a sudden uptrend anytime soon. The token’s social volume also plummeted marginally, reflecting DOT’s slight decline in popularity.
Realistic or not, here’s DOT market cap in BTC‘s terms
Going forward
A look at DOT’s daily chart suggested that its price chart could turn green over the coming days. For instance, the MACD displayed the possibility of a bullish crossover soon. Both DOT’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) registered upticks, which too looked bullish.
However, the only concerning indicator was that the Relative Strength Index (RSI) was resting way below the neutral mark, which can be troublesome in the short term.
Source: TradingView
