DOT fails to impress despite some noteworthy developments from Polkadot
Polkadot [DOT] launched a brand new DeFi product known as vDOT on 13 September. vDot is a yield-bearing DOT spinoff that goals at maximizing DeFi incomes methods within the Polkadot ecosystem. vDOT would be the third member in Polkadot’s DeFi community, following the KSM and the vToken token sequence.
Moreover, it supposedly has the identical options as vToken, with extra core benefits. These embrace multi-scenario staking advantages, and versatile redemption. Nonetheless, has DOT reacted to this information in a approach that advantages all?
The metric present
Though Polkadot has been making huge strides within the improvement of latest merchandise, the value has been on a relentless decline. DOT depreciated by 5.42% within the final seven days.
On the brighter aspect, Polkadot noticed a large spike in its social media activity. Its social mentions surged by a whopping 50.5% alongside a rise of 20.3% in its social engagements as properly.
Nonetheless, there was a pointy decline in its market cap, as will be seen from the picture under. DOT’s circulating market cap has gone down by 17.32% up to now month.
Supply: Messari
DOT’s quantity has additionally taken successful and has gone down by an alarming 73.33% over the previous week. Moreover, DOT misplaced a lot of its market cap dominance, which dropped by 2.58% because the final week.
Though the on-chain metrics haven’t been displaying a optimistic outlook for DOT, the blockchain has stored including a wholesome quantity of new users on a regular basis.
Supply: Polkadot Insider/Twitter
Nonetheless, this improvement hasn’t had a lot of an impact on the value of the token. DOT has been buying and selling at $7.12 for the time being, with the value depreciating by 4.62% within the final seven days.
DOT’s value trajectory
The value has been buying and selling inside the $0.07 resistance and $0.06 assist for the previous two weeks. The assist has been examined a number of instances up to now few days indicating that there may very well be a powerful motion in both path.
The Relative Energy Index (RSI) at 45.96 nevertheless depicted that the momentum is along with the sellers. The Chaikin Cash Circulate (CMF) at 0.01 point out that the cash movement shouldn’t be on the customer’s or the vendor’s aspect for the time being.
Supply: TradingView
Polkadot’s future seems unsure at the moment, therefore readers are urged to look at Polkadot’s updates and different metrics to achieve a greater concept of Polkadot’s destiny.
