- Polkadot excelled in the number of GitHub repositories and development activities.
- Despite declining revenue, network activity and social volume remained robust.
Dot [DOT] has weathered a series of challenges in recent months, but there were certain areas where it continued to excel.
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GitHub repositories and development activities
Polkadot impressively took second place in terms of GitHub repositories, which function as central databases for storing and securing code, assets, and various data inputs and outputs. The strong presence meant a dedicated developer community.
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Discover innovative technology, passionate developers and the foundations of a decentralized… pic.twitter.com/6xdk7XTwFB
— Polkadot Insider (@PolkadotInsider) October 21, 2023
This achievement is accompanied by high development activity, placing Polkadot in second place again. The robust development work is a positive sign for the network and indicates its commitment to improving and developing its ecosystem.
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Check out the list below to find the best blockchain based on the number of developers in… pic.twitter.com/5LfEm6Tfrm
— Polkadot Insider (@PolkadotInsider) October 21, 2023
Additionally, Polkadot also had significant activity on its network. According to Token Terminal data, Polkadot activity is up 8.5% over the past month. The protocol remains a hub of interactions and transactions, indicating its usefulness and popularity among users.
Despite strong networking activity, Polkadot has witnessed a 9.8% decline in revenue during the same period. While this dip may cause concern, it’s essential to remember that blockchain protocols operate differently than traditional businesses, and revenues don’t tell the whole story.
DOT’s price movement
In recent weeks, Polkadot’s native token, DOT, has experienced a notable price drop. The price chart showed a pattern of lower lows and lower highs, which indicated a bearish trend.
At the time of writing, DOT was trading at $3.71. Reversing this bearish trend would require a significant shift in market sentiment. However, the overall positive momentum in the broader cryptocurrency market offered some hope.
Polkadot’s social volume remained high, demonstrating that the community and users were actively engaged and discussing the protocol. This was a positive sign, as community involvement often indicates a healthy and dynamic project.
Realistic or not, here is DOT’s market cap in BTC terms
On the other hand, Weighted Sentiment witnessed a decline. This suggested that while the discussions and conversations around Polkadot remained lively, the overall sentiment had shifted toward the negative.
It is essential to monitor sentiment as it can influence market behavior and decision-making among participants.
Source: Santiment
