Journalist
Posted:
- Polkadot’s price has skyrocketed over the past 24 hours as activity soared.
- However, overall sentiment around DOT declined.
As the year comes to a close, interest in altcoins has skyrocketed. Dot[DOT] is one of the altcoins that has received massive interest in the past 24 hours.
Up and up
During this period, the price of DOT grew by 6.28%. At the time of writing, DOT was trading at $8.05.
One of the reasons for the sudden price increase for DOT can be attributed to a spike in activity on the Polkadot network.
At the time of writing, the Polkadot relay chain recorded 1 million transactions, marking the highest daily activity in its history and surpassing the previous peak of 941,000 transactions on May 5, 2021. The increased activity is attributed to inscriptions.
Increased activity indicates growing engagement and usage of the platform, showcasing its capabilities and attracting the attention of users and developers.
This increased interest could lead to further adoption, ecosystem growth, and increased value for the Polkadot network and its native token.
1 million transactions today on the Polkadot relay chain.
This is the highest day of activity on Polkadot in history, peaking at 941,000 transactions on May 5, 2021.
The activity is due to inscriptions. pic.twitter.com/BYoMBREbyd
— asynchronous rob (@rphmeier) December 21, 2023
As a result, Polkadot secured the second position among cryptocurrencies in terms of revenue, achieving impressive growth of over 300%.
TOP BLOCKCHAINS BY REVENUE RATE IN 7 DAYS
📊 Witness the economic power of the blockchain world
💸 Dive into the top blockchains by revenue percentage over the past seven days and reveal the financial leaders shaping the decentralized landscape
🚀In the last 7 days, @Dot posted… pic.twitter.com/rCt32BygDw
— Polkadot Insider (@PolkadotInsider) December 20, 2023
Looking at other factors
Additionally, social volume for DOT has grown significantly in recent days. This indicated that Polkadot was gaining huge popularity on the social front.
However, despite the rising price, weighted sentiment for DOT remained negative. This suggested that the number of negative comments about DOT at the time of writing was greater than the number of positive ones.
Source: Santiment
However, new proposals made around the network may affect the overall state of the network.
Read DOT’s 2023-24 price forecast
Polkadot’s board has introduced several impactful proposals that could reshape the functionality of the blockchain. Currently, Polkadot is in the approval phase for several proposals, including Referendum 335.
This proposal aims to implement a new auction schedule for Polkadot in 2024 and currently has 98.1% approval.
