- Polkadot’s fees and earnings have fallen slightly over the past 90 days.
- The price of DOT is up 2% in the last 24 hours and the indicators were bullish.
Dot [DOT] has actively launched new projects in the chain, helping to add value to the network. A look at DOT’s key metrics suggested that the launches were now having a positive impact on the network as well.
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Polkadot’s popularity doesn’t help on the ground
Polkadot Insider, a popular Twitter handle that posts updates related to the ecosystem, mentioned in a June 6 tweet that the blockchain was quickly becoming one of the most popular blockchain platforms for launching new projects.
According to the tweet, Acala Network, Astar Network, and Manta Network were the top parachains in the Polkadot ecosystem based on the number of investors they attracted.
🚀 @Dot is fast becoming one of the most popular blockchain platforms for launching new projects
👀 Let’s take a look at the top parachains in the Polkadot ecosystem by the number of investors they’ve attracted
Top 3 includes:
🥇 @AcalaNetwork: 36
🥈 @AstarNetwork:… pic.twitter.com/0mUCPqRlxA— Polkadot Insider (@PolkadotInsider) June 6, 2023
While these numbers seemed encouraging, the reality was different. This was evident from the data from Token Terminal POINTCosts have decreased slightly over the last 90 days. A similar trend was also seen in terms of blockchain revenues.
Source: Token Terminal
A quick look at Polkadot’s weekly stats
Another Polkadot Insider tweet highlighted the blockchain’s network stats from the previous week. According to the tweet, POINTDaily active users and transactions remained fairly stable, which looked encouraging.
POLKADOT WEEKLY SUMMARY
🚀Another Weekly Walkthrough & Anyway, @Dot is still on its way to growth
👉Based on data from @tokenterminal & @subscan_io
✅AVG developers: 162
✅AVG Transactions: 6096
✅AVG users: 3513👇 Check out the details below#Dot #POINT pic.twitter.com/GlqhAK15ZW
— Polkadot Insider (@PolkadotInsider) June 6, 2023
However, DOT’s daily codes commit registered a drop. A similar decline was also noted on the development activity chart over the past seven days. This was surprising because Polkadot was known for its development activities.
Source: Sentiment
The price of DOT turns green
After continuous price declines, DOT investors finally had reasons to celebrate when the daily chart turned green. From CoinMarketCapDOT’s price is up more than 2% in the past 24 hours.
At the time of writing, it was trading at $5.17 with a market cap of over $6 billion. According to Santiment, demand from DOT in the futures market also increased, as evidenced by the green financing rate.
Source: Sentiment
Read Polka dots [DOT] Price prediction 2023-24
Will the rally continue?
POINTThe MACD showed a bullish crossover, which is a development in favor of the buyers. The Money Flow Index (MFI) also registered an uptick, further increasing the likelihood of a sustained upward trend. However, Polkadot’s Relative Strength Index (RSI) looked worrying as it moved below the neutral zone.
Source: TradingView
