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Polkadot Price On The Verge Of Massive Breakout, Can It Reach $25?

Polkadot (DOT) has come under the spotlight with crypto analysts laying out bullish narratives for the crypto asset. One of them is crypto expert Michaël van de Poppe, who believes Polkadot could rise to as high as $25 in this bull run. 

Polkadot Could Reach $25 On Next Leg Up

Michaël van de Poppe mentioned in an X (formerly Twitter) post that Polkadot’s next rally will see it climb between $20 and $25. He explained that the crypto token has seen a substantial correction in the past months, but it showed enough strength by coming back to pre-rally levels. The analyst further claimed that Polkadot has bottomed, “especially since JAM Whitepaper came out.”

As such, he believes that Polkadot is more than primed for this rally, which could propel it to such heights. The crypto analyst has been a big believer in Polkadot’s potential. He previously included Polkadot in a list of crypto tokens that he believes are undervalued. He claimed that DOT’s valuation was still at a cycle low, which had opened up a “huge opportunity” to invest in it. 

Van de Poppe is very much invested in Polkadot because of its technology. In a previous X post, he highlighted how the JAM (Join-Accumualte Machine) Paper, which ushered in Polkadot 2.0, would revolutionize DOT’s ecosystem. He also claimed that Polkadot is the “second largest blockchain in terms of developers and growth.” Therefore, he expects DOT’s price to complement the team’s efforts soon enough. 

Meanwhile, Van de Poppe expects Polkadot to reach as high as $20 in the third quarter of this year. For now, he believes that the $8 and $17 range are crucial resistance levels that the crypto token must break out of to enjoy such a parabolic rally. 

Polkadot 1

A More Bullish Prediction For DOT

Crypto analyst Crypto Thanos offered a more bullish prediction for Polkadot, stating that the crypto token climbing above $50 is “easily achievable” in this bull run. He believes this price is attainable because he expects institutions to get interested in large caps like Polkadot. He also noted Polkadot’s collaboration with Tie, which aims to increase institutional exposure and access. 

It is worth noting that Polkadot’s all-time high (ATH) is currently $55, which makes Thanos’ prediction for the crypto token feasible. Crypto tokens are known to usually surpass their ATH in every bull run. 

Polkadot 2

Crypto analyst Captain Faibik provided insights into what to expect from Polkadot in the short term. He predicts the crypto token will record a 35% “bullish rally” soon enough. He said a “major trendline breakout/retest has already been confirmed” for DOT on the four-hour timeframe chart. 

At the time of writing, Polkadot is trading at around $7.11, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Polkadot price chart from Tradingview.com

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Polkadot To Sponsor Messi’s Inter Miami: DOT To The Moon?

The Polkadot community has approved a proposal to sponsor Inter Miami, the football club co-owned by David Beckham and featuring superstar Lionel Messi. The move could be a strategic decision to propel Polkadot, a smart contracts platform similar to Ethereum, into the global spotlight. 

Polkadot To Sponsor Inter Miami

The proposal, approved by Polkadot’s Open Gov community, sought 968,000 DOT (roughly $6.5 million) to secure the sponsorship. Under the “sports sponsorship fund,” the goal was to partner with Inter Miami, a team described as one of the “world’s most engaging and followed sports teams.” 

While the goal is to “elevate” Polkadot’s global brand visibility, the plan is to develop other deeper integration, leveraging Inter Miami’s global fanbase.

For instance, the team plans to enhance user experience through engaging non-fungible tokens (NFTs) and other gamified experiences deployed on Polkadot’s parachains. Additionally, the team plans to explore how Polkadot-based solutions can be implemented at Inter Miami, resulting in greater efficiency and improved fan engagement initiatives. 

While the potential deal’s specifics are confidential, the proposal emphasizes transparency. Accordingly, funds will be held in a multi-signature wallet, accessible only with community approval. Moreover, ORSEN SA, a Swiss sports marketing agency, will manage the partnership rights.

Polkadot’s Plans to Scale

As Polkadot enhances its global visibility, developers are also working on activating a key update: “Asynchronous Backing.” Last year, Sophia Gold, the Engineering Lead at Parity Technologies, said the technology would be a game changer. 

Asynchronous Backing will allow Polkadot to scale the number of Parachains from 100 to 1,000 by the end of the year. The network will boost its transaction processing capacity, with Polkadot supporting more “independent blockchains” via Parachains. 

Furthermore, improvements via techniques like “pipelining” will permit multiple parachains to process data simultaneously, halving transaction confirmation times.

Though Polkadot continues to enhance its network and strike more deals, DOT prices remain under pressure. At spot rates, DOT is down 40% from 2024 highs. While CoinMarketCap data shows that the coin has risen 14% in the last week, the failure of bulls to break above $7.5 is a concern.

Polkadot price trending upward on the daily chart | Source: DOTUSDT on Binance, TradingView

Technically, a high volume lifting the coin above this local liquidation level would pave the road for an expansion toward $9 and March 2024 high in the coming sessions.

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Record-Breaking Q1 For Polkadot: Daily Active Addresses Hit 514,000 As DOT Price Surges 7%

According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses.

DOT’s Market Cap Surges 16% QoQ

During Q4 2023, Polkadot’s market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching $8.4 billion. Building on this momentum, Q1 2024 witnessed a further 16% QoQ rise, elevating the circulating market cap to $12.7 billion. 

Despite these gains, DOT’s market capitalization remains 80% below its all-time high of $55.5 billion, set on November 8, 2021. 

Polkadot

In Q4 2023, Polkadot’s revenue also skyrocketed by 2,880% QoQ, amounting to $2.8 million. Per the report, this surge was primarily attributed to an exponential increase in extrinsics, driven by the Polkadot Inscriptions. 

However, revenue metrics for Q1 2024 declined significantly on a QoQ basis, with revenue in USD dropping by 91% to $241,000 and revenue in DOT decreasing by 92% to 28,800. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

Polkadot’s XCM activity continued to show growth in Q1 2024. Daily XCM transfers surged by 89% QoQ to reach 2,700, while non-asset transfer use cases, known as “XCM other,” witnessed a 214% QoQ increase, averaging 185 daily transfers. 

The total number of daily XCM messages grew 94% QoQ to 2,800, demonstrating the network’s dynamic ecosystem. In addition, the number of active XCM channels grew 13% QoQ to a total of 230.

Polkadot’s Parachain Network Soars To New Heights

Q1 2024 marked a significant kick-off to the year for Polkadot’s parachains, with active addresses reaching an all-time high of 514,000, representing a substantial 48% QoQ growth. 

Moonbeam emerged as the leading parachain with 217,000 monthly active addresses, a solid 110% QoQ increase. Nodle followed closely with 54,000 monthly active addresses, doubling from the previous quarter. 

Polkadot

Astar on the other hand, experienced a modest 8% QoQ growth to reach 26,000 active addresses, while Bifrost Finance grew slightly by 2% QoQ to 10,000 addresses. However, Acala experienced a decline, with monthly active addresses falling to 13,000, down 16% QoQ.

Notably, the Manta Network stood out among parachains in Q1 2024, with a significant surge in daily active addresses, reaching 15,000. According to Messari, this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, propelling Manta’s Total Value Locked (TVL) to over $440 million. 

Polkadot Price Sees Upside Potential Ahead

In terms of price action, Polkadot’s native token DOT has regained bullish momentum following a sharp drop to the $5.8 price mark after reaching a yearly high of $11 on March 14. 

Currently, DOT has regained the $7.25 level, up 7% over the past week. However, DOT’s trading volume decreased slightly by 4.7% compared to the previous trading session, amounting to $320 million over the past 24 hours, according to CoinGecko data.

Polkadot

If the bullish momentum persists, Polkadot faces its first resistance at the $7.4 zone, which serves as the last threshold before a potential retest of the $8 resistance wall. 

On the other hand, the $6.4 support floor has proven to be successful after being tested for two consecutive days this week, highlighting its significance as a key level to watch for the token’s upward movement prospects.

Featured image from Shuttestock, chart from TradingView.com

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Polkadot Unveils Major Upgrade Plan: Relay Chain Replacement And 10M DOT Prize Incentive

Gavin Wood, the founder of the Polkadot protocol, has unveiled a new Gray Paper outlining the forthcoming Join-Accumulate Machine (JAM) upgrade for the network. This announcement occurred during Wood’s presentation on Polkadot’s future at the Token2049 crypto conference in Dubai. 

Wood introduced the JAM Implementer’s Prize, a 10 Million DOT prize pool, to encourage diverse development of the JAM protocol. 

Polkadot Unveils JAM Upgrade

According to the announcement, the JAM upgrade aims to replace the relay chain, which acts as the central data chain in the Polkadot network, with a “more modular and minimalist design” that will allow Polkadot to run generic services and increase network stability. 

The parachains service within JAM will support existing Substrate-based parachains, enabling developers to continue using Substrate to develop and deploy their blockchains. 

Notably, these services will have no predefined limits on code, data, or state capacity and can accommodate additional DOT deposits for increased capacity.

JAM’s design includes several technical improvements. It replaces WebAssembly with the Polkadot Virtual Machine based on the RISC-V ISA, an open-source instruction set architecture (ISA) used to develop custom processors.

It also introduces SAFROLE, a SNARK-based block production algorithm. These upgrades are reportedly designed to optimize performance and scalability within the Polkadot network.

On The Path To Decentralization?

To realize the vision of “a truly decentralized protocol,” Polkadot aims to support multiple client implementations. Furthermore, the JAM Implementer’s prize has been established to incentivize and fund projects contributing to the development of JAM implementations. The announcement further reads on the matter:

We believe that supporting a range of implementations in various programming languages will strengthen the ecosystem’s foundation. It distributes the power of protocol implementers more widely and reduces the risk of a bug in one implementation taking down the entire network.

The JAM Implementer’s Prize will collaborate with existing and future funding initiatives that support Polkadot’s ecosystem and technology stack. These initiatives include Decentralized Futures, Grants, and Polkadot’s on-chain treasury. 

The prize will be activated when JAM is ratified as a Polkadot technology through the network’s on-chain governance mechanism.

Overall, Gavin Wood’s introduction of the JAM upgrade and the associated 10 Million DOT prize reflects Polkadot’s intention to increase the protocol’s use and adoption. JAM’s modular design and incentives for multi-client implementations are also expected to contribute to ongoing efforts to decentralize the Polkadot network. 

As JAM development continues, the Polkadot ecosystem welcomes proposals from teams interested in implementing it in various programming environments.

Polkadot

Despite the recent announcement, the network’s native token, DOT, has been unable to break the downtrend witnessed over the past month. Currently trading at $6.75, it reflects a significant 24% decline in price over the last 30 days.

Featured image from Shutterstock, chart from TradingView.com 

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Polkadot (DOT) Circulating Market Cap Rockets To $8.3 Billion, Registers Massive 111% Growth

Polkadot, the computing platform known for its interoperability and scalability, has shown remarkable growth in key metrics during the latter part of 2023, as outlined in a recent report by Messari. 

Outpacing Crypto Market Growth

According to Messari’s findings, Polkadot’s circulating market cap experienced a remarkable 111% quarter-on-quarter (QoQ) growth, reaching an impressive $8.38 billion. 

This growth outpaced the overall crypto market’s growth of 54% during the same period. Furthermore, Polkadot’s year-on-year (YoY) change reached 94%, solidifying its position among the top 15 crypto projects by market capitalization.

Polkadot

In terms of revenue, Polkadot witnessed a substantial surge of 2,880% QoQ, generating $2.8 million in Q4 2023. This surge was primarily attributed to the significant rise in extrinsic, driven by the introduction of Polkadot Inscriptions. 

Messari suggests that even excluding the four-day spike from the Inscriptions, Polkadot’s revenue would have doubled from the previous quarter. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the structural design of its network.

Polkadot Witnesses Significant Increase In Active Addresses

Following the launch of OpenGov – the governance module and framework within the network – in June, the Polkadot Relay Chain experienced a surge in account activity, largely due to increased governance participation. 

Because the Relay Chain is critical in facilitating governance processes, it experienced a spike in active addresses on October 24, when users claimed their locked DOT tokens from the first batch of parachain auctions held two years earlier.

Polkadot

Throughout Q4, the Polkadot Relay Chain averaged over 10,000 daily active addresses, representing a substantial 90% QoQ increase. Excluding the October 24th activity related to DOT token claiming, the average number of active addresses still saw a significant 70% rise in QoQ, reaching 9,000. 

Additionally, Cross-Chain Message (XCM) transfers on the platform increased by 150% QoQ, reaching an all-time high of 133,000. The total number of active XCM channels nearly tripled in 2023, reaching 203 by the end of the year.

According to Electric Capital’s rankings, Polkadot has 800 full-time and 2,100 total developers, making it one of the largest crypto ecosystems in developer participation.

DOT Price Shows Mixed Performance

Despite notable growth in key metrics demonstrating the network’s expansion, the price of Polkadot’s native token, DOT, has not followed suit and has even experienced declines over longer time frames despite positive developments.

Currently, DOT is trading at $6.7420, representing a slight 0.3% price increase in the past twenty-four hours, coupled with a 9% year-to-date gain.

However, over the past fourteen and thirty days, the token has recorded a 6% and 22% price drop, highlighting the absence of bullish momentum and catalysts that could propel DOT to higher levels.

Polkadot

Although it reached a 19-month high of $9.5711 on December 26, the subsequent price drop has led DOT to a critical juncture, potentially erasing its gains over the past year.

If the current level and its nearest support at $6.3229 fail to halt further price declines, DOT could potentially drop to the $5.4830 level, which serves as the next major support in the token’s 1-day chart.

Conversely, if DOT surpasses its upper resistance at $7.0392, the next objective would be to break the short-term downtrend structure, facing the $7.5332 resistance and another resistance at $8.1631. This would pave the way for another consolidation phase at its 19-month high.

Featured image from Shutterstock, chart from TradingView.com 

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Polkadot Rally Incoming? Crypto Analyst Predicts 150% Price Surge For DOT

The Polkadot (DOT) token has witnessed significant downward pressure over the past few weeks. This negative performance was further exacerbated by the recent downturn of Bitcoin’s value, which tumbled below $40,000 over the past week.

However, the altcoin appears to be garnering momentum in the past few days, having rebounded positively from the $6 mark. A popular analyst on the X platform has put forward an exciting projection for DOT, saying the token looks set for a substantial upward move in the coming weeks.

Can Polkadot Reach $17 In This Cycle?

In a recent post on X, prominent crypto analyst Michael van de Poppe noted that the altcoins market is on the verge of a significant surge. Specifically, the crypto pundit singled out the Polkadot token as one of the assets to look out for.

According to Poppe’s post on X, DOT is approaching a significant support level in three days. The analyst identified the support zone between $5.60 and $6 while highlighting the need for this level to hold strong.

Polkadot

If the support level holds, Michael van de Poppe believes that Polkadot’s price is primed for a substantial run to the upside in the current cycle. And the crypto analyst put forward an ultimate $17 target for the cryptocurrency if a breakout does occur.

This potential price action would represent a massive 150% upswing from the current price point. Nevertheless, this would still be a long way from the token’s all-time high of $54.98

It is worth noting that Michael van de Poppe has also identified a price zone that will be integral to DOT’s possible run to $17. According to his analysis, there is significant resistance for the altcoin to overcome at around the $9.39 level.

DOT last hit this price point on Boxing Day. Resistance caused the coin’s value to collapse; since December 26, 2023, it has dropped by almost 30%.

DOT Price Overview?

As earlier inferred, Polkadot’s price has performed poorly since the turn of the year. According to data provided by CoinGecko, the cryptocurrency’s value has dipped by almost 24% in the past month.

As of this writing, the DOT price is $6.69, reflecting a 3.8% increase in the last 24 hours. However, the coin is still red on the weekly timeframe, with a 2.3% price slump over the past seven days.

Nonetheless, Polkadot ranks as the 13th-largest cryptocurrency, with a market capitalization of roughly $8.85 billion.

Polkadot

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Polkadot Pops: Price Hits Fresh 2023 Peak, Breaking Through Doubts

Interest in altcoins, such as Polkadot, has significantly increased as the year draws to a close. After posting an impressive 47% gain in December, Polkadot (DOT) has become a standout performer in the cryptocurrency market.

Polkadot Surges 20%

In the latest development, the value of DOT has rapidly increased, rising by an impressive 20% in just the last two days.

With its breakthrough beyond the $7.9 barrier, the cryptocurrency set a new record for 2023 and demonstrated the growing interest and confidence of investors in Polkadot.

Notably, Polkadot’s price structure technical analysis points to a strong future. Even though there could be a slight reversal in the upcoming days, the general trend suggests that more price gains are likely.

This forecast strengthens the favorable perception of DOT and attracts traders and investors who pay close attention to technical indicators.

In addition to its remarkable price success, Polkadot’s blockchain has seen a notable rise in revenue, indicating more platform utilization.

The increase in revenue highlights how developers and consumers are actively interacting with Polkadot’s ecosystem, which is seeing rapid acceptance.

The sudden spike in DOT prices is associated with a noticeable increase in activity on the Polkadot network. The Polkadot relay chain has recorded an incredible 1 million transactions as of the most recent update, which represents a record high in daily activity.

DOT Surpasses Transaction Record, Fostering Growth

This exceeds the previous record of 941,000 transactions achieved on May 5, 2021. The main cause of the increased activity is inscriptions, which also add to the spike in interest and participation in the Polkadot ecosystem.

Increasing activity is a strong sign of increased use and interaction with the Polkadot platform. This heightened interest draws developers’ and users’ attention in addition to showcasing the platform’s possibilities.

The spike in interest might spur additional adoption, which would promote ecosystem expansion and result in a notable rise in the value of the Polkadot network and its native token.

The more developers and consumers connect with the platform, the more momentum it creates, and this might have a significant impact on how Polkadot develops going forward in the cryptocurrency space.

With Polkadot making waves in the cryptocurrency world and surpassing all expectations by reaching a new high for 2023, the future of this active blockchain looks very bright.

Featured image from Shutterstock

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Will Inscriptions On Polkadot Push DOT Prices Back Above $10?

There has been a notable spike in the number of Polkadot transactions in recent days. The surge also coincides with DOT prices racing to new 2023 highs when writing on December 22.

Taking to X, asynchronous rob noted that Polkadot is currently processing around 250,000 transactions per hour or 400-450 per block. Polkadot is a modern blockchain that aims to drive blockchain interoperability.

Based on its design, relying on a Relay Chain and numerous Parachains, the network can process transactions cheaply, considering its high capacity.

Polkadot Transactions Swelling: Blame Dota and Inscriptions

The rapid expansion of transactions on Polkadot can be attributed to the recent launch of inscriptions, a new type of cross-chain asset developed by the Dota platform. Uniquely, Dota’s inscriptions aim to simplify the process of deploying and minting assets on Polkadot’s parachains. 

Though parachains operate independently as “chains” that rely on the Relay Chain for security, this design will eliminate the need for Cross-Chain Message Forma (XCM), which is needed for Polkadot parachains to communicate. 

Usually, the XCM requires complex coding and can be time-consuming. Therefore, the simplicity of DOT-20 inscriptions by Dota directly explains why there is a surge in the number of transactions.

According to Dota on X, inscriptions on Polkadot account for 98% of the recent transaction volume.

Inscriptions on Polkadot | Source: Dota

Though there has been a change in the number of transactions processed, transaction fees on Polkadot remain low. At the same time, the network hasn’t “skipped a bit,” with capacity being around 10%. 

By how Polkadot is designed, network fees will increase only once 25% of the total network capacity is changed. To reach this level, each block being confirmed on Polkadot must pack at least 1,250 transactions. 

This will require even more inscriptions to be created via Dota, meaning despite the observed spike, Polkadot is technically underutilized from a bandwidth perspective.

Will DOT Continue Rising In 2024?

While the deluge of transactions also coincides with rising DOT prices, currently at 2023 highs, there have been concerns about inscriptions causing network congestion in a network like Bitcoin facing scaling challenges.

Critics maintain that inscriptions, though defended by some, serve nothing more than spamming the network and discouraging use due to accompanying increases in transaction fees. 

Polkadot price trending upward on the daily chart | Source: DOTUSDT on Binance, TradingView

For now, it remains to be seen if inscriptions will be sustainable, helping onboard more users. So far, Polkadot, as mentioned, can handle the uptick in transactions.

Even so, if there is a 3X rise in transactions exceeding the 1,250 transactions per block threshold, the demand for DOT will rise. Subsequently, DOT will likely trend higher towards $10 and other critical resistance levels.

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Analyst Thinks DOT Will Reclaim Former Glory With Polkadot 2.0

DOT, the native currency of Polkadot, a smart contract platform, remains under pressure, posting sharp losses after soaring to an all-time high of around $55 in 2021. The coin is trading at about $6, volatile but up roughly 45% from 2022 lows, buoyed by the broader recovery across the crypto scene.

Will DOT Break Above Immediate Resistance Levels?

Despite DOT’s woes, one crypto trader, @Ashcryptoreal, is bullish on the coin’s prospects, pointing to the eventual implementation of Polkadot 2.0, a critical update for the cross-chain network. Taking to X on November 27, the crypto trader believes that Polkadot 2.0 will fix present issues plaguing the smart contract platform. 

Specifically, Polkadot 2.0 represents an overhaul set to introduce several enhancements that could, if executed as stated, propel DOT above current resistance levels. With rising DOT demand, the coin, and by extension, the platform, could soar, rising to its former glory as one of the leading blockchains with dense user activity. 

Looking at price action, DOT is moving within a broad horizontal range with caps at around $3.5 and $7.5. Despite the recent spike, which saw the coin roar by 45%, prices are moving inside the bull bar of early November. 

Polkadot price trending upward on the weekly chart | Source: DOTUSDT on Binance, TradingView

Based on this, there must be a sharp expansion from spot levels above $5.6 with rising trading volumes for buyers to be in charge. Even so, the current formation still favors buyers.

What’s The Big Deal About Polkadot 2.0

Polkadot 2.0 overhauls certain features as it is currently in the network. However, most importantly, analysts observe that proposed changes could enhance the network’s capabilities and attract more developers. 

After the update, Polkadot will migrate from the dynamic block space allocation system, allowing developers to purchase block space as needed, either in bulk or individually. This flexibility could make the network more appealing to various projects.

Additionally, Polkadot 2.0 will introduce elastic cores, enabling the network to adapt to varying computing demands depending on use. This adaptability may make the network more efficient. Moreover, it adapts to the diverse needs of developers.

The concept of coretime, which measures computing resource demands, will be a notable addition to Polkadot 2.0. Like in EOS, resources in “core time” will be purchased through auctions or pay-as-you-go basis, allowing developers more control.

Analysts expect these changes to increase the demand for DOT since the coin serves as a medium of exchange. All on-chain transactions are settled in DOT. 

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Polkadot (DOT) Market Cap Dips: Q3 Sees 16% Decrease In Value

Polkadot (DOT), one of the prominent blockchain networks in the crypto space, experienced a 16% decline in market capitalization in the third quarter (Q3) of 2023, according to a recent report from Messari. 

This decline came after a moderate downturn in the overall cryptocurrency market during Q3, despite favorable court rulings for XRP and Grayscale. The total crypto market capitalization declined by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) falling by 7.5% and 10.0%, respectively.

Polkadot Closes Q3 With $5.2 Billion Market Cap

As reported by Messari, Polkadot’s market capitalization closed at $5.2 billion, positioning it as the 13th largest crypto asset by market cap in Q3 2023 (currently 15th). 

Polkadot

Polkadot’s financial structure is based on a weight-based fee model, which differs from the gas-metering model in other networks, such as Ethereum.

Transaction fees in Polkadot are determined and charged before execution, with the calculation comprising a weight fee reflecting computational resources, a length fee based on transaction size, and an optional tip to incentivize block authors. 

In Q3 2023, Polkadot generated revenue amounting to $94,000, representing a 3% decrease compared to the previous quarter. Messari suggests that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

On the other hand, the native token of Polkadot, DOT, serves three primary purposes: governance, staking, and parachain bonding. During Q3 2023, the staking percentage of DOT rose by 12% compared to the previous quarter, reaching 49%. 

This increase led to reduced staking rewards and a 12% decline in the annualized nominal yield to 15%. According to Messari, the close alignment of Polkadot’s staking rate with the ideal rate demonstrates the effectiveness of its mechanism.

Polkadot’s OpenGov Milestone

The Polkadot treasury supported various initiatives in Q3, including software development, bounties, client upgrades, and community events like meetups and hackerspaces. 

According to Messari, the implementation of OpenGov on June 15 marked a significant milestone, revolutionizing treasury management and enabling concurrent proposals with distinct requirements. At the end of the quarter, the Polkadot treasury held approximately 45 million DOT ($185 million).

Polkadot

Furthermore, Polkadot has recently completed the official release of Polkadot 1.0, marking the achievement of a significant milestone outlined in the Polkadot whitepaper. 

The network’s codebase has been fully transitioned to a repository managed by the community through Polkadot OpenGov and the Technical Fellowship. The roadmap for the next iteration, Polkadot 2.0, will be determined through community discussions and consensus. 

Founder Gavin Wood has proposed ideas for additional mechanisms to allocate Polkadot’s block space and for creating treaty-like agreements between multiple blockchains called “accords.”

Polkadot

As of this writing, the DOT token has exhibited a noteworthy upward trend since October 19, closely following Bitcoin’s lead. Presently, the token is trading at $4,839, reflecting a notable increase of over 16% within the past fourteen days.

Featured image from Shutterstock, chart from TradingView.com 

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Polkadot Hints At Price Recovery – Can DOT Go Past 15% Weekly Ceiling?

Polkadot (DOT) is in the green (see image below) and going steady. Could this hint at price recovery? Even though Polkadot’s funding rate plunged for a while, it is showing some improvement at the time of writing.

Here’s a quick look at DOT price movement:

  •  Polkadot price is up by 14.9% in the weekly
  •  DOT low in market cap dominance
  •  DOT shows a spike in development activity

According to Coingecko, DOT price has skyrocketed by 4% in the last 24 hours, and trading at $6.50 as of press time.

Polkadot Eco-Friendliness To Drive Positive Momentum

January was phenomenal for most cryptocurrencies that are enjoying a price rally, but DOT was seen struggling and was unable to reach its pre-FTX levels. 

On a positive note, DOT was the only asset that consumed the least electricity when pitted against other cryptocurrencies. This eco-friendly quality of DOT can drive positive momentum for the coin.

Even though the weighted sentiment on Polkadot remained to be negative last December, its low electricity consumption can drive a change in public sentiment, switching it to positive which is great news for Polkadot.

The low trading volumes suggest that the bears may have the upper hand. This action has the potential to push DOT prices below the $6.154 support level, putting the brakes on the recent uptrend in DOT.

DOT is predicted to spike in terms of development activity which could tick developer interest this year. In addition, DOT is said to potentially tip its pre-FTX levels in the next couple of days or weeks.  

 

In the event that this positive pattern persists, DOT’s pace of rebound is estimated to climb, which would enable bulls to charge beyond the resistance located at $6.845 and $7.235, which is the range that existed before the crypto turmoil broke out around late November.

Social Metrics Up For DOT

The number of people staking DOT has also increased by over 6.2% as seen in the past month which also hints at a positive streak for the asset. More so, social metrics have also increased for DOT.

Social mentions spiked by 7.6% with engagements shooting over 26K. Interestingly, DOT has been increasingly popular as more people are interested in and talking about it.

Additionally, there are upcoming referendums in line with runtime and governance upgrades that could increase the attractiveness of the coin to investors.

Meanwhile, the market sentiment enveloping DOT still has that air of uncertainty considering its shrinking market cap and high volatility.

Featured image from Freepik

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Is Polkadot (DOT) A Must-Have For Your 2023 Portfolio?

The year 2023 is said to be huge for Polkadot (DOT) as it is one of the cryptocurrencies to watch out for. Many crypto experts are very optimistic about Polkadot, and they’re saying that traders should keep an eye on the coin because its developments will be big for that year.

  • DOT is looking bearish but can pivot to a bull run in the coming days
  • Polkadot is said to be an attractive addition to the investment portfolio for 2023
  • DOT price is down by 1.43%

Polkadot

While DOT isn’t performing well as of press time, crypto experts believe that this is the best time to buy. The coin is regarded as one of the safety nets and best bets to include in your portfolio for next year.

According to CoinMarketCap, DOT price is down by 1.43% or trading at $4.28 as of this writing. And many crypto experts think that the discounted price should entice more traders to buy while the prices are still low because it’s bound to spike by next year.

Polkadot: One Of The Most Liquid Assets

Even though Polkadot has depreciated in value, it’s still the top-rated crypto in terms of capturing investor interest. It stands out when pitted with other cryptos as it’s also one of the popular liquid assets included in hedge fund portfolios.

Indeed, there is an increasing demand for Polkadot, and it is seen to have the most potential to rise in 2023. In fact, as early as now, many top investment companies and even hedge funds are putting most of their eggs on the Polkadot basket.

DOT May Kick Off Bullish Run

Polkadot has been looking bearish as it recently dipped to as low as $4.20 in the past 24 hours. This retreat has attracted investors in the past, and it may also draw them in now.

On the other hand, DOT’s technical indicators hint at some bullish movement, with its volume reached a new low as registered on December 25. Still, it is now slowly recovering from the slump.

Eco-Friendly Crypto

DOT’s market capitalization shows that the bears still dominate the market for December, but its market cap has an uptick by $100 million overnight, which looks like an accumulation. More so, the development activity is also seen to nosedive, which can be worrisome, especially for investors.

Meanwhile, Polkadot, along with Cardano and Algorand, is among the most eco-friendly cryptocurrencies, according to a new analysis by the Traders of Crypto. Polkadot ranks as the fourth most eco-friendly digital money, with annual carbon emissions of 50 tons.

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Featured image: VOI

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Polkadot Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10

Polkadot has been one of the breakout stars of 2022. The cryptocurrency has managed to thrive in a market where most digital assets are taking a beating and losing value rapidly. With its breach of $8, the cryptocurrency has taken another step as it cements its position as one of the largest contenders in the space, dethroning the beloved Dogecoin in the process.

Polkadot Takes 10th Place

Meme coin Dogecoin has been able to maintain its position in the crypto top 10 by market cap over the last couple of weeks. However, this changed this week with the recent Polkadot rally. The digital asset had more than 7% in the last seven days to bring its trading price higher than $8.5, and this pushed its already impressive market cap over the $9.4 billion mark.

The result of this was that the market cap of DOT surpassed that of Dogecoin. Polkadot is now ranked as the 10th largest cryptocurrency by market cap, but that’s not all. Even as the market is recording a retracement, DOT remains one of the only cryptocurrencies to mark green over the last 24 hours and one-week timeframe.

At the time of writing, DOT is currently trading at $8.52 with a 24-hour recovery of 6.15%. It’s interesting that the digital asset is trading this high, given that its trading volume is actually down. With $427 million in trading volume over the last day, it is down more than 8% in this regard.

DOT trending at $8.3 | Source: DOTUSD on TradingView.com

As a general rule, Polkadot looks to be following the recovery trend of Ethereum. This breakout in the largest decentralized finance (DeFi) network had spread to other networks, causing them to see the largest recovery during this time.

DOT Eyes $9

The recovery in the price of Polkadot has set it on an incredibly bullish path. It has now hit important technical levels, which propose that the recent rally may still have some steam in it. Most prominent of this has been the digital asset’s climb above its 50-day moving average of $7.4.

Since investors are willing to buy the cryptocurrency at higher prices, the buying pressure is mounting, especially as sellers experience fatigue during this time. Additionally, with the recent high rates of inflation, more investors are moving into the decentralized finance market in a bid to find suitable hedge for wealth.

DOT also has some free range to grow, given that the next significant resistance point lies at $9. This price point is incredibly attractive for bulls as it puts DOT on a platform to contend for 9th place with DeFi competitor Solana.

Featured image from Phemex, chart from TradingView.com

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Polkadot (DOT) Grinds 15% Higher Amid Sustained Buying

There’s no stopping Polkadot (DOT) price as it continues to locomote up. It’s the second consecutive day of winning streak for Polkadot as it spiked by 15% in gains.  

According to CoinMarketCap, Polkadot (DOT) price is currently up by 5.92% or at $8.02. It currently has a total market cap of 7,916,976,700 as of this writing.

DOT price has experienced sustained and robust buying pressure after touching on lows on Tuesday at $6.52. The coin has successfully bounced back from the $6.50 support line.

Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump

Can DOT Spike To $8.50?

The coin has recovered steadily as seen in the past two sessions and has also generated heightened massive investor interest and price hike. A breach above the $8.00 level would reinforce gains for DOT.

Looking at the daily chart, DOT price has been experiencing resistance close to the sloping line that stretches from $9.5.But, the downside is seen close to the $6.25 zone. Breaking through the resistance level of $8.05 requires strong buying pressure.

Polkadot price is looking extremely volatile and continues to be unpredictable in terms of price movement. Meanwhile, the bulls are trying to jab the price pushing it further the descending trend line.

As DOT/USD nears the 50-day EMA or Exponential Moving Average, the price could potentially shoot for $8.50.  Additionally, RSI has also traversed the average line and could jump higher. RSI is currently at 56.

With the hourly time frame, DOT price hints more gains or higher than 15% from yesterday’s $6.73. After retesting at $7.93, DOT price has retraced and swerved way up with the current session’s high. This implies that buying pressure is close to the lower zone.

Related Reading: Tron (TRX) Extends Gains As Prices Break Away From Support Point

Bulls In Command, Conquer Mode

The histogram bars seem to plunge with the MACD indicator revealing a downward bullish trend. RSI is showing positive or is neutral and neither bearish nor bullish.

DOT is definitely looking optimistic when perceived on a higher time frame. However, on the lower time frame, it still shows negative in perspective. So, it would be wise to hold your horses and await validation before pushing through more aggressive bids.

DOT price shows that the bulls have been manning its price since September this year. The market has witnessed slopes or combinations of higher highs and higher lows, which implies that the bulls have the upper hand too on DOT price. DOT prices were previously seen to be merging in the $6.42 and $7.2 range.

DOT’s RSI is above 50 which strongly indicate that the coin is bullish. On the other hand, if Polkadot prices plunge to $6.61 and under, this would hint that the bears were able to take over the market.

It seems the bulls are in command and conquer position. Polkadot is set to continue with its bullish momentum as triggered by an overall positive market sentiment.

DOT total market cap at $7.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI.id, chart from TradingView.com