Going long on Polkadot? You might want to consider these developments first

By November 8, 2022Polkadot
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Polkadot, with its recent introduction of nomination pools, allowed users to stake with just one DOT. However, despite making Polkadot staking more accessible to users, the number of stakers continued to decline.

17/ Just 4 days after nomination pools launched on Polkadot, there are 64 pools to choose from, reaching the maximum number of pools on the network.

Learn how to join nomination pools on Polkadot, and start collecting rewards with as little as 1 DOT: https://t.co/21VUtwmA6A

— Polkadot (@Polkadot) November 7, 2022

DOT investors need to wait

From the image given below, it can be observed that over the past 30 days, the number of stakers on the Polkadot network declined by 1.22%. At the time of writing, there were 21,000 stakers present on the network.

Even though the number of stakers continued to decline, the number of daily transactions made on the Polkadot network increased. However, the number of daily active accounts kept fluctuating, according to data provided by SUBSCAN.

One reason for this decline in activity could be the Polkadot’s performance on the social front.

According to data provided by social media analytics firm LunarCrush, Polkadot’s social media engagements and mentions went down considerably.

At the time of writing, the number of social mentions for Polkadot had gone down by 22.6%, and the number of social engagements had depreciated by 41.8% over the course of the last month.

Along with that, the weighted sentiment for Polkadot started declining after 20 October, as can be seen from the image below. It remained negative throughout the last week, indicating that at the time of press, the crypto community did not have a positive outlook towards Polkadot.

Despite the decline in sentiment, Polkadot’s volume surged over the past month. And, over the course of the past 30 days, Polkadot’s volume went all the way from 184 million to 63.23 million, at press time.

Its market cap showed some correlation with its volume and grew with it over the last month. However, it did decline in the last few days.

Furthermore, Parachains on the Polkadot network, such as Moonbeam, exhibited growth over the past few weeks. And, interestingly, in the last week, the number of unique addresses on the Moonbeam network grew by 12.72%

At the time of writing, DOT was trading at $6.62. Its price had depreciated by 2.21% over the last 24 hours, according to CoinMarketCap, and its volume depreciated by 1.90% during the same period.

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