DOT fails to impress despite some noteworthy developments from Polkadot

By September 15, 2022Polkadot
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Polkadot [DOT] launched a brand new DeFi product known as vDOT on 13 September. vDot is a yield-bearing DOT spinoff that goals at maximizing DeFi incomes methods within the Polkadot ecosystem. vDOT would be the third member in Polkadot’s DeFi community, following the KSM and the vToken token collection.

Moreover, it supposedly has the identical options as vToken, with extra core benefits. These embrace multi-scenario staking advantages, and versatile redemption. Nonetheless, has DOT reacted to this information in a method that advantages all?

The metric present

Though Polkadot has been making massive strides within the growth of latest merchandise, the worth has been on a relentless decline. DOT depreciated by 5.42% within the final seven days.

On the brighter aspect, Polkadot noticed a large spike in its social media activity. Its social mentions surged by a whopping 50.5% alongside a rise of 20.3% in its social engagements as effectively.

Nonetheless, there was a pointy decline in its market cap, as may be seen from the picture beneath. DOT’s circulating market cap has gone down by 17.32% prior to now month.

Supply: Messari

DOT’s quantity has additionally taken successful and has gone down by an alarming 73.33% over the previous week. Moreover, DOT misplaced a lot of its market cap dominance, which dropped by 2.58% for the reason that final week.

Though the on-chain metrics haven’t been displaying a constructive outlook for DOT, the blockchain has saved including a wholesome quantity of new users on a regular basis.

Supply: Polkadot Insider/Twitter

Nonetheless, this growth hasn’t had a lot of an impact on the worth of the token. DOT has been buying and selling at $7.12 in the mean time, with the worth depreciating by 4.62% within the final seven days.

DOT’s worth trajectory

The value has been buying and selling throughout the $0.07 resistance and $0.06 assist for the previous two weeks. The assist has been examined a number of instances prior to now few days indicating that there might be a powerful motion in both course.

The Relative Power Index (RSI) at 45.96 nonetheless depicted that the momentum is along with the sellers. The Chaikin Cash Circulation (CMF) at 0.01 point out that the cash movement will not be on the customer’s or the vendor’s aspect in the mean time.

Supply: TradingView

Polkadot’s future seems unsure at this time, therefore readers are urged to look at Polkadot’s updates and different metrics to realize a greater concept of Polkadot’s destiny.

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