Polkadot’s latest tweet revealed all the developments over the past few weeks.
Metrics looked positive for the crypto, but a decline was recorded in the NFT space.
After a cold week, Dot [DOT] finally started to show signs of revival as it recorded positive growth in the past 24 hours.
According to CoinMarketCap, the price of DOT is up more than 3% in the past day. At the time of writing, it was trading at $5.27 with a market cap of over $6 billion.
This recent upward trend can be attributed to the developments that have taken place in the Polkadot ecosystem in recent weeks.
Read Polka dots [DOT] Price prediction 2023-24
Polka dot on fire
Dot recently posted a roundup tweet, pointing out all the major developments taking place on the network. A few of the notable ones include Astra Network becoming the first parachain on Polkadot to support light clients through PokadotJS.
Additionally, according to the reports, Enjin has released Wallet 2.0, which is the most significant update to Enjin Wallet since 2018. New features include viewing NFTs minted on Efinity, a decentralized metaverse built on Polkadot.
Meanwhile, Acala Network announced the launch of “Chopsticks”, an open-source client to improve testing in the Polkadot ecosystem. The client allows developers to split any Substrate-based network and create a test environment that is an exact replica of the mainnet.
1/ Check out this week’s #PolkadotRoundup to learn about the most important news and announcements from Polkadot’s parachain teams, ecosystem projects and infrastructure providers.
Check the 🧵 for details pic.twitter.com/uIMbAWqLla
— Polkadot (@Polkadot) December 12, 2022
Interestingly, Polkadot once again managed to outperform the king of altcoins, Ethereum, on metrics. According to Santiment data, Dot topped the list of cryptos in terms of development activity, reflecting developers’ efforts to improve the blockchain despite the ongoing crypto winter.
👀 Let’s take a look at the TOP BLOCKCHAINS WITH THE HIGHEST DEVELOPMENT ACTIVITY IN THE LATEST 7D
👉 The bear market cannot stop real builders from building the projects
— Polkadot Insider (@PolkadotInsider) December 13, 2022
Can Polkadot support itself?
Now, a few on-chain metrics aside from DOT’s development activity also looked pretty optimistic for the token.
It somewhat suggested that the price increase could continue in the coming days. Consider this – over the past few days, DOT’s volume has increased significantly, legitimizing the price increase.
DOT also managed to remain a topic of discussion in the crypto community as its social volume spiked quite a bit over the past week.
However, Dot recorded no growth in its NFT space. Santiment’s chart revealed that the total number of NFT trades and DOT trading volume in USD, after peaking on Dec. 6, fell significantly over the next few days.
All this means that investors should be very careful before doing anything with their money.
This post Polkadot’s parachain, ecosystem projects thrive, but when will DOT follow suit?
was published first on https://ambcrypto.com/polkadots-parachain-ecosystem-projects-thrive-but-when-will-dot-follow-the-suit/