The price of DOT is up more than 7% in the last 24 hours of press time.
Ecosystem updates and on-chain metrics suggested a further uptrend.
Polkadot Insider recently revealed an important bullish signal for POINT it turned out that the coin was only behind it Ethereum [ETH] on the list of blockchains in terms of Altrank.
DOT’s Altrank was also reflected on the chart, with the price rising more than 7% in the past 24 hours. At the time of writing, DOT trade for $5.95, with a market cap of over $6.9 billion.
🔥 @Dot stands out from other top chains by ranking #2 in Altrank, a metric that shows you a project’s health and performance
— Polkadot Insider (@PolkadotInsider) March 12, 2023
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The scenario turned out to be different
While the recent bullish market played a role in driving DOT’s price higher, the gains have not matched Altrank’s findings.
Other cryptos, such as Cardano [ADA] And Binance coin [BNB], registered more profit compared to DOT. One possible reason for this could be the recent MixBytes episode announcing that the blockchain auditor would stop supporting Lido on Dot and Kusama.
Notably, services have been suspended for a number of reasons, including market conditions, protocol growth, capacity issues, and priority alignment.
Can DOT live up to expectations?
Nevertheless, several developments took place in the Dot ecosystem in the recent past, which may stimulate further growth of the network.
Polkadot’s NFT ecosystem, for example, has had an interesting update. Polkadot parachain Unique Network has punched NFT’s attendance evidence for fashion label DUNDAS to release to guests who attended the show during Paris Fashion Week.
— Polkadot (@Polkadot) March 8, 2023
In addition, SuperHedge, a DeFi platform, revealed that it had chosen Moonbeam to launch its testnet. Moonbeam’s cross-chain connectivity feature allows SuperHedge to connect and communicate with various chains, including Polkadot and EVM.
We found @MoonbeamNetwork to be exceptionally supportive and helpful to us as builders.🏗🏗️
— SuperHedge (@superhedgeio) March 9, 2023
Realistic or not, here it is DOT market cap in BTC‘s conditions
On-chain performance seems optimistic
A look at Polkadot’s on-chain stats suggested that the recent price pump had a basis and that the token’s price may continue to rise in the coming days.
The price increase was accompanied by an increase in volume. from LunarCrush facts stressed that bearish sentiment around DOT has declined by more than 75% over the past week, which was a promising development.
DOT demand in the futures market also registered an increase as the Binance funding rate rose recently. In addition to that, POINT also managed to remain a topic of discussion in the crypto space as social volume increased significantly.
This post Will Polkadot [DOT] maintain its price increase this week? Data suggest…
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