{"id":516239,"date":"2023-01-16T10:10:28","date_gmt":"2023-01-16T15:10:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=516239"},"modified":"2023-03-08T07:26:27","modified_gmt":"2023-03-08T07:26:27","slug":"polkadot-on-chain-feats","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/polkadot-on-chain-feats\/","title":{"rendered":"Polkadot: Why Recent On-Chain Feats Could Trigger Strong Investor Sentiment\u00a0"},"content":{"rendered":"
Polkadot has been riding the crypto wave since the start of the broader market rally. According to <\/span>CoinGecko<\/span><\/a>, the biggest gainers in the entire space are altcoins. Polkadot (DOT) is among them.<\/span><\/p>\n Although the token has been finding gains in the past two weeks, DOT has been <\/span>down<\/span> almost 3% in the past 24 hours. This has been the price action since the token has been rejected on the $6.5 price resistance range.<\/span><\/p>\n At the time of writing, DOT is trading at $5.78, up 21% in the last seven days, data by Coingecko show.<\/p>\n With recent developments and metrics, can DOT strengthen investor sentiment?\u00a0<\/span><\/p>\n Polkadot Insider<\/span><\/a> is an account dedicated to developments on the network. According to the account, the Nakamoto coefficient of the ecosystem is <\/span>higher<\/span><\/a> compared to competitors. This means that the ecosystem is sticking true to the main tenets of DeFi which is decentralization.\u00a0<\/span><\/p>\n NC metric minimum number of validators required to make up 33.3% of network staking share to prevent a bad validator from manipulating transactions. The higher value means higher decentralization \ud83d\udd25<\/p>\n And @Polkadot<\/a> is ranked #1 \u2014 Polkadot Insider (@PolkadotInsider) January 15, 2023<\/a><\/p><\/blockquote>\n Parachain development is also going through the roof. <\/span>Kusama Network<\/span><\/a>, one of the main parachains on the platform, has <\/span>10 projects<\/span><\/a> in development with over 20 investors. With <\/span>Dora Project<\/span><\/a> having over 45 investors, <\/span>Santiment<\/span><\/a> notes a continuous uptick in development activity.\u00a0<\/span><\/p>\n 1\/ Polkadot nomination pools have hit another milestone \u2013 just 2 months after launch, more than 1,000,000 DOT has been bonded by pool members!<\/p>\n Check the \ud83e\uddf5 to learn more about Polkadot nomination pools and how to stake natively on Polkadot.<\/p>\n To start staking now \ud83d\udc47<\/p>\n \u2014 Polkadot (@Polkadot) January 13, 2023<\/a><\/p><\/blockquote>\n The network also <\/span>reached<\/span><\/a> an achievement in the staking department. Nomination pools recently reached 1 million DOT bonded by pool members. Staking on-chain was made easier because of the ecosystem\u2019s nomination pool system which allows users to stake a minimum of 1 DOT.\u00a0<\/span><\/p>\n With users on the platform having easy access to staking, DOT is expected to continue its momentous climb.\u00a0<\/span><\/p>\n The rejection at $6.5 is the only thing delaying the token\u2019s climb to recover lost ground after <\/span>FTX collapsed<\/span><\/a>. If the token continues its current downward momentum, the bears will have an opportunity to test the $5.5 support in the next few days.\u00a0<\/span><\/p>\n However, if the token can reverse its momentum, a retest and a possible breakthrough on $6.5 price resistance level would enable DOT to regain lost momentum from last year\u2019s FTX crisis. <\/span><\/p>\n With the token riding the altcoin rally, DOT\u2019s high correlation with Bitcoin would benefit it if BTC continues to break through crucial resistances.<\/span><\/p>\n <\/p>\nWhat’s Happening On-Chain?\u00a0<\/strong><\/h2>\n
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\nDetails \ud83d\udc49 https:\/\/t.co\/RFm2gfZGzp<\/a> #Polkadot<\/a> $DOT<\/a> pic.twitter.com\/BAYfKWE9FU<\/a><\/p>\n\n
How Will Polkadot React?\u00a0<\/strong><\/h2>\n
DOT total market cap at $6.7 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n