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Polkadot (DOT) – which is seen to be on a successful streak by way of social media metrics and growth exercise – has been on a retreat not too long ago.
- DOT social media metrics nosedives
- Polkadot’s decline in developer exercise may depart a nasty style within the mouth of traders
- DOT’s NFT quantity off to as excessive as 1.64 million on September 24
Is that this sudden drop in each metrics only a momentary hiccup or could possibly be a warning sign to traders?
Judging by the chart beneath, DOT value was seen to have nosedived by way of growth exercise previously few days. It’s shocking as Polkadot has been outpacing different cryptocurrencies over the previous week however appears to be dropping steam now.
DOT Social Quantity Down, Bearish Motion Looms
The discount by way of growth exercise hints on the lack of builders engaged on Github. Evidently, this lack of growth exercise may depart a unfavorable impression on traders.
DOT’s social quantity has capsized which may seemingly set off an enhanced bearish motion. Notably, there may be additionally a drop in DOT’s social media engagement previously few days. The social metrics of Polkadot are seen to have nosedived by 12.6% as seen previously month. Extra so, its weighted sentiment has additionally dropped beneath 0. These on-chain metrics present the more and more unfavorable sentiment circling DOT.
Regardless of DOT wanting intensely bearish, the crypto has seen an enormous enchancment by way of NFT. With that being stated, DOT’s NFT quantity has grown rather a lot from $364,250 as noticed on August 26 to as excessive as $1.64 million on September 24.
In keeping with CoinMarketCap, DOT value has spiked by 4.17% or buying and selling at $6.50 as of press time.
Chart: Santiment
Polkadot Collaborates With Tether, Others
Polkadot can be ramping up by way of collaborations equivalent to with Tether. On September 23, Tether introduced that they are going to be rolling out USDT proper on Polkadot. These collaborations are in pursuit of the legalization of DOT’s operations.
Extra so, Polkadot additionally not too long ago adopted Chainlink permitting Polkadot tasks to make use of the info value feed of Chainlink. Alternatively, even when these collaborations are sure to gasoline development and scalability for DOT, nonetheless the value may go down within the brief time period.
On the brighter aspect, DOT’s declining quantity which has dropped by 82.34% previously week signifies that DOT’s value could possibly be sure for rapid restoration.
DOT whole market cap at $7.28 billion on the every day chart | Supply: TradingView.com Featured picture from Cryptopolitan, Chart: TradingView.com
