Polkadot’s Network Activity Surges in 2024 Despite Bearish DOT Prices

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Polkadot: Will Growth Continue Through 2024?

Polkadot, one of the leading blockchain platforms, has seen a significant increase in activity in the last quarters of 2023. This trend continued into 2024. But will this growth continue?

A Look Back at Polkadot’s Statistics in the Fourth Quarter of 2023

Polkadot recently released a series of data highlighting the performance of the blockchain in the fourth quarter of 2023. According to this, Polkadot saw steady organic growth in the last quarter, particularly a notable increase in transaction data at the end of December. Robert Habermeier, the founder of Polkadot, noted this increased activity and attributed it to the growing popularity of inscriptions.

Polkadot’s native Cross-Consensus Messaging format, XCM, was also very active. From January to September, around 17,000 messages were sent monthly, which rose to a remarkable 449,813 messages in December 2023.

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In the third quarter, the native USDC joined the Polkadot ecosystem. In the fourth quarter, more than 10 million US dollars were exchanged over the platform. In addition, the DOT treasury collected 110,000 DOT from 13 million transactions within just 48 hours in the fourth quarter.

Polkadot in 2024

Although the aforementioned metrics look optimistic, a review of the latest data shows that DOT continues to grow in 2024. After a brief slump, the number of daily active addresses of Polkadot regained upward momentum, indicating high network activity. In addition, fees remained high over the last week.

The DOT Q4 report mentioned that almost 100 million DOT were unlocked at the beginning of the quarter. This led to the number of staked tokens increasing from 673 million to 709 million DOT in November 2023. This growth rate remained stable in 2024, as the number of staked DOT continued to increase.

Our analysis of data from Staking Rewards revealed that Polkadot had a total of 109.41 thousand staking wallets with a staking market capitalization of over 5.5 billion US dollars.

Despite Polkadot’s improved statistics in 2024, DOT’s price action was bearish. According to CoinMarketCap, DOT had fallen by more than 5% in the last 24 hours. At the time of publication, the trading price was at 7.69 US dollars with a market capitalization of over 10 billion US dollars.

It remains to be seen whether Polkadot can maintain its growth through 2024. But the current data and trends suggest a positive development.

Sources: Token Terminal, Staking Rewards, CoinMarketCap, Hyblock Capital

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