October 1, 2022

Development activity on Polkadot [DOT] reached an all-time high among other blockchains. This is a great feat for the network as it continues to progress by rolling out upgrades at regular intervals.

Polkadot Insider, Twitter dedicated to Polkadot, also posted an update on this milestone in a recent mail. Will these developments have any meaning for the DOT token?

Source: Sentiment

Nothing here for DOT

Despite the positive developments, the token continued to suffer the current bear market conditions. The past week has seen the DOT witness a major drop in prices.

Scallop, a popular cryptocurrency exchange platform, mentioned that DOT was among the top three most trending coins on its platform. This seemed to be a positive development as it reflected the popularity of the coin. In addition, CoinEX Global as well appointed Polkadot as one of the top five crypto financial income.

That’s not all for Polkadot. Blockchain has reported stable data for its parachains in the last 24 hours. Additionally, Polkadot Insider registered that Moonbeam’s GLMR token is the most traded token on Polkadot with $12.5 million.

This was followed by a distant second MOVR token by Moonriver at $6.3 million. The first three lists closed with Astar’s ASTR token with a turnover of $4.3 million.

Source: Polkadot Insider

The same entity also recently reported on Polkadot’s weekly preview in another tweet. According to this tweet, Polkadot has witnessed over $77 million worth of traffic in the past week. The network was also able to register an average of 1,200 new accounts per day.

Where does this data take us?

DOT’s performance has been impressive for some time. At press time, DOT was trading at $6.25 with more than 12.5% ​​weekly losses on the chart. This was a big red alert for investors who have been feeling the market heat for most of Q3. It remains to be seen whether the trend will continue in the next quarter.

Moreover, a troubling narrative also began to emerge in Polkadot’s social discussions. According to crypto analytics platform Santiment, negative sentiment has jumped ahead of any positivity around Polkadot. While both sentiments have been moving close to each other, FUD has recently taken the market by storm with huge selloffs.

Source: Sentiment

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