Polkadot’s DOT Value Drops 20% Amid Decreased User Activity

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Polkadot (DOT) Records 20% Loss in 30 Days: Is Low Activity the Reason?

In the last 30 days, the value of Polkadot (DOT) has lost almost 20%. The reason seems to be the low user activity in the Polkadot network.

DOT Price Drop

According to data from CoinMarketCap, the value of Polkadot [DOT] has decreased by almost 20% in the last 30 days. An on-chain assessment of activity in the Proof-of-Stake (NPoS) blockchain network shows that demand has been declining since the beginning of the year, explaining the double-digit value loss of DOT. At the time of publication, the DOT price was at $6.73, a price level last observed in September 2023.

DOT Holders in Danger by Bears

The price movements of DOT on a 24-hour chart show a significant bear presence. For example, the positive directional index (green) of DOT’s Directional Movement Index (DMI) was at 12.76, below its negative directional index (red) at 25.94. When these lines are positioned this way, the downward trend is considered stronger than the upward trend, as selling pressure is significantly higher than accumulation.

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Low Demand for Polkadot

An on-chain assessment of network activity on Polkadot shows that user activity has been declining since the beginning of the year. On January 21, only 14,100 daily transactions were recorded – the lowest number since the beginning of the year 2024. The number of new addresses created daily in the Polkadot network has also dropped by 20% in the last 21 days.

Summary

The price of DOT has fallen by almost 20% in the last 30 days, mainly due to the low activity in the Polkadot network. Demand has been declining since the beginning of the year, leading to a significant price drop. Despite the falling price and declining open interest, DOT futures traders continue to open leveraged positions in favor of a price rally. However, long traders have faced liquidations with further falling altcoin prices.

Sources: CoinMarketCap, Coinglass, The Block.

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Casinos: 5
Profile Polkadot
Symbol DOT
Coin type Alt Coin
Transaction Speed High
Pros
  • Secure, fast and anonymous payment method
Cons
  • Available only in a few online casinos
Price 6,89 €
Percent Change 24h 2,64 %
Percent Change 7d 6,32 %
Percent Change 30d 8,87 %
Percent Change 60d -22,74 %
Percent Change 1y 43,18 %
Market Cap 9.416.297.465,00 €
Official Links
Socials Reddit | X
Best 3 Polkadot casinos

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Last update: 12. March 2024

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