Development activity in Polkadot [DOT] reached an all-time high among other blockchains. This is a significant achievement for the network, which continues to thrive by introducing updates at regular intervals.
Polkadot Insider, a Twitter account dedicated to Polkadot, also posted an update on this milestone in a recent press release. posedWill these developments have any significance for the DOT sheet?
There's nothing here for the DOT
Despite this positive development, the token continued to suffer from the current bear market conditions. Over the past week or so, DOT has seen a significant price drop.
Scallop, a popular cryptocurrency exchange platform, mentionned that DOT was among the top three trending currencies on its platform. This seemed like a positive development, as it reflected the play's popularity. Additionally, CoinEX Global has also appointed Polkadot as one of the top five financial income cryptocurrencies.
That's not all for Polkadot. The blockchain has reported stable data for its parachains over the past 24 hours. Also, Polkadot Insider reported that Moonbeam's GLMR token leads the most traded tokens on Polkadot with $12,5 million.
Moonriver's MOVR token follows a distant second with $6,3 million. The top 3 ends with Astar's ASTR token, with a trading volume of $4,3 million.
The same entity also reported on a weekly Polkadot digest recently in another tweet. According to this tweet, Polkadot has seen a transfer volume of over $77 million in the past week. The network was also able to register a daily average of 1 new accounts.
The on-chain data shows many potential points. Let's look at the On-chain summary of @Polkadot below �
— Polkadot Insider (@PolkadotInsider) September 19, 2022
Where does this data lead us?
DOT's performance has been disappointing for some time now. At press time, DOT was trading at $6,25 with weekly losses of over 12,5% on the chart. This is a red alert for investors who felt the heat of the market for most of the third quarter. Whether the trend will continue into the next quarter remains to be seen.
Additionally, a disturbing narrative has also begun to emerge in Polkadot's social threads. According to cryptocurrency analytics platform Santiment, negative sentiment was jumping ahead of any positivity around Polkadot. While the two sentiments were close to each other, fear of risk took over the market recently with massive selling.