Polkadot’s development activity increased, but sales declined. Strikers on the network remain undaunted as volatility presented buying opportunities.
Dot [DOT]’s development activity has skyrocketed in recent months, Token Terminal reported on Jan. 16. This spike in activity can be attributed to the growing number of projects and developments within the Polkadot ecosystem.
long-term builders at work @Dot 🏗️📈 pic.twitter.com/X1xVgFNdxG
— Tokenterminal (@tokenterminal) January 16, 2023
Read Polka Dots [DOT] Price forecast 2023-2024
Parachains such as Moonbeam Network and the Astar Network were just a few examples of projects showing signs of progress and improvements. These developments also attracted a significant number of developers to the ecosystem, further driving its growth.
1/ Every Monday the #PolkadotRoundup brings you the very latest from the Polkadot ecosystem.
This week’s 🧵 is now ready for you. Read on for the most important news and announcements from Polkadot’s parachain teams, ecosystem projects and infrastructure providers. pic.twitter.com/sgjIhwneFe
— Polkadot (@Polkadot) January 16, 2023
More than what you see at first glance
Despite this growth in development activity, revenue collected by Polkadot fell from 21.76 million to 10.74 million between January 9 and 15, according to Twitter account Polkadot Insider.
👀 Let’s get to know the weekly summary of the chain @Dot👇
The image below illustrates:
👉 Daily transfer amount
👉 NEW USERS DAILY
👉 Total turnover #Dot #POINT $POINT pic.twitter.com/kBFKhffzWe— Polkadot Insider (@PolkadotInsider) January 16, 2023
This drop in transfers had a direct impact on Polkadot’s revenue, which fell 36.4% over the past month. This declining income may worry investors.
Source: token terminal
Polka dot echoes the people
One reason for the declining revenues could be Polkadot’s declining social activity. Based on data from LunarCrush, social mentions for Polkadot were observed to drop by 46.9%, while social engagements dropped by 64.4% over the past three months. This could indicate a lack of community interest or engagement, which could have a direct impact on the platform’s growth and revenue.
In addition, sentiment towards Polkadot also remained negative, according to Santiment. Thus, the crypto community’s view of Polkadot remained negative, which could have a further impact on the platform’s improvement and adoption.
Source: Sentiment
However, despite these factors, the strikers on Polkadot’s network remained undeterred as they grew 6.6% over the past 30 days. This may be due to the popularity of Polkadot’s nomination pools, which allowed users to bet even with just one DOT.
This feature has made it more accessible for users to join the network and earn rewards, which could have contributed to the growth in stakers.
How much are 1,10,100 DOT worth today?
Source: Staking Rewards
It remains to be seen how the Polkadot’s token DOT will respond to these developments. With volatility down 47% over the past week, investors should take this opportunity to buy DOT at a relatively stable price.
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