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- Despite modest gains of 2.69% on Sunday, February 11, Polkadot’s native cryptocurrency DOT faced a 3.18% decline amidst a broader market sell-off.
- Polkadot saw a remarkable 93% Quarter-over-Quarter (QoQ) increase in Parachain monthly active addresses, reaching 200,000.
On Sunday, February 11, DOT- the native cryptocurrency of open-source multichain protocol Polkadot, registered modest gains of 2.69% on Sunday, February 11. However, amid the broader market sell-off, the DOT price has also tanked by 3.18% and is currently trading at $7.04 with a market cap of $8.99 billion.
The Volatility Gauge considers recent trends, ensuring that the rank reflects volatility trends without being unduly influenced by sudden spikes. Polkadot’s moderate volatility rating, coupled with a low Risk/Reward Gauge, indicates moderate price fluctuations and resilience against price manipulation.
Currently, Polkadot’s price surpasses resistance levels, with support established at $7.02 and resistance at $7.24. This places Polkadot in a range-bound scenario, potentially susceptible to volatility if the current rally loses momentum.
The Polkadot network has performed really well and seen strong network activity during the last quarter of 2023. In the last quarter, Polkadot’s circulating market cap surged by an astonishing 111%, reaching an impressive $8.38 billion.
This growth surpassed the overall crypto market’s expansion, which was at 54% during the same period. Additionally, Polkadot’s year-on-year change reached 94%, cementing its position among the top 15 crypto projects by market capitalization. Regarding revenue, Polkadot experienced an astounding surge of 2,880% quarter-on-quarter, generating $2.8 million in Q4 2023.
Polkadot Price Expectations And Other Developments
Some of the top crypto market analysts have already started giving bullish price predictions for Polkadot (DOT). In a recent analysis, crypto analyst Michael van de Poppe expressed optimism regarding the momentum of alternative blockchain ecosystems, particularly highlighting Polkadot (DOT).
According to van de Poppe, Polkadot is currently establishing a higher low pattern on higher timeframes, indicating a positive trajectory for the digital asset. As a result, he predicts that the price of DOT could potentially extend its gains to reach $17 in the near term.
I think that we're going to see continuation on other ecosystems.
One of them is Polkadot, which currently is making a higher low on the higher timeframes.$DOT therefore is likely to continue to $17. pic.twitter.com/wSxa4boCIg
— Michaël van de Poppe (@CryptoMichNL) February 9, 2024
The latest edition of the Messari State of Polkadot Q4 2023 report unveils an impressive surge in Parachain monthly active addresses, witnessing a remarkable 93% Quarter-over-Quarter (QoQ) increase, soaring from 104,000 to 200,000.
This notable growth is not confined to specific parachains but is rather spread across the entirety of the Polkadot ecosystem. Leading the charge in active addresses and transaction volume are prominent parachains including PhalaNetwork, OriginTrail, MoonbeamNetwork, AstarNetwork, AcalaNetwork, NodleNetwork, BifrostFinance, and HydraDx.
Furthermore, the Polkadot ecosystem is also taking bigger steps towards decentralization. In a significant move late in 2023, Polkadot took a decisive step towards fostering decentralization. The project opted to entrust key non-engineering functions to its community through Polkassembly, an established decentralized governance system.
Under this arrangement, token holders get decision-making authority, who exercise their voting power based on their DOT ownership, resembling the shareholder voting rights observed in corporate equity regulations. While embracing decentralization, this decision unfortunately resulted in the layoffs of several staff members at Parity Technologies, a Berlin-based blockchain development company deeply engaged in Polkadot’s advancement.