Polkadot (DOT) emerged as talk of the town due to its impressive performance lately. Analytics firm looks over crypto movements, Santiment observed several instances related to the network. The agency shared the key insights it found in the Polkadot’s social metrics.
As per the reports, since January 2021, Polkadot is experiencing quite positive rates in terms of crowd sentiment. Meanwhile the social dominance and volume of the multi-chain protocol also witnessed a solid growth. The agency observed the active discussion on the social networking platforms regarding the project is the reason behind the project’s growth.
The instances around the network kept the discussion around the network alive. Recently the Plokadot based Acala development team successfully recovered the stolen 3 billion aUSD. This also made news around the network when people talked about it all over. Although the exploitation caused significant damage to the network’s image but with the recovery of lost funds, they successfully did the damage control.
Polkadot (DOT) Raises Concerns for Dogecoin (DOGE)
Looking at the growth of Polkadot (DOT), people drew their attention towards the popular memecurrency Dogecoin (DOGE). The reason behind this is quite evident citing the positions of both the cryptocurrencies.
Dogecoin (DOGE) is at tenth position in terms of overall market capitalization with a market cap of more than 9.17 billion USD. While Polkadot (DOT) is not far behind the memecoin as it holds 11th position among top 100 cryptocurrencies in the world. Current market capitalization of Polkadot (DOT) is over 8.3 billion USD. The difference between market caps of both the crypto assets is of around 800 million USD. This distance is not something significantly hard for Polkadot to cover and hence raises the concerns for Dogecoin.
Considering this fact of current positive sentiment around Polkadot along with the strong fundamentals of the crypto asset, it strengthens the possibility of the multi-chain project soon to reach the place of memecoin.