Polkadot is experiencing what we call a shake-up after the mixed feelings surfaced on the network. Despite recent developments on the network, its development activity has slowed of late. In fact, according to data analytics platform Sentiment, Polkadot has been witnessing a reverse trend in growth activity for the past few days.
Polkadot had a period of high developer activity between early July and early September. Alas, since then the crowd has calmed down, with the network soon stagnating on that front.
anything new here?
Recently, a Twitter user (@donnybigbag) shared an update on Polkadot’s growing NFT ecosystem. In doing so, the analyst highlighted the growing volume of the Polkadot-based GMR token, which crossed 1 million in volume on Raresama.com in just one week.
In just over 515 sales, the two available NFT collections accumulated this amount. This underscored the growing popularity of Polkadot in the NFT markets as well as its acceptance among users.
1,000,000. have killed $glmr already in quantity.
— Donnie (@DonnieBigBags) 10 September 2022
Now what for the dot?
Despite the aforementioned slowdown, Polkadot has seen accumulation ramp up among whales recently. according to whalestats UpdatePolkadot is one of the most used smart contracts in the top 500 BSC whales today.
This is a timely boost for a community that saw DOT drop to $6.7 on September 7. However, the altcoin has recovered sharply, with the crypto trading at $7.72 at press time. One of the major drivers behind this increase is the release of a new upgrade by the developers of Polkadot. Polkadot developers recently launched a new network upgrade to modify the Polkadot runtime to v9270.
After the upgrade started, DOT price reciprocated and started gaining northward momentum. According to CoinMarketCap, this pressure pushed DOT’s weekly gains to nearly 7%. Despite the recent correction in prices, Polkadot’s charts revealed a worrying pattern to its trading volume.
The network was often able to record daily volumes of over 600 million in August. Conversely, a trend reversal has been observed late in September. Polkadot alone recorded a 43 per cent drop in volumes in the last 24 hours.