- Polkadot has shown higher adoption, surpassing other blockchains and lagging only behind Ethereum
- In the past 30 days, Polkadot has come second only to Ethereum. While Ethereum has 350,000 daily active addresses, DOT has over 172,000 daily active addresses.
- As the price of DOT declined, so did the Open Interest (OI). Similarly, a volume increase accompanied the price uptrend.
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Polkadot’s blockchain has been gaining momentum, following in the footsteps of Ethereum and showing increased adoption on the network.
Increased Adoption on the Polkadot Network
Polkadot has shown higher adoption, surpassing other blockchains and lagging only behind Ethereum. Not only that, but the fundamental network statistics of the blockchain have also remained stable. During this time, the price of DOT gained upward momentum due to the influence of the bull market. However, in addition to network activity and the bull market, there were several other metrics supporting the uptrend.
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Polkadot has surpassed many cryptocurrencies and came second only to Ethereum in the past 30 days. While Ethereum has 350,000 daily active addresses, DOT has over 172,000 daily active addresses. Furthermore, current data revealed that the blockchain’s revenue and fees remained stable over the past month. The network value of the blockchain is also increasing.
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During these developments, Polkadot’s price movement turned positive with the influence of the bull market. Although DOT declined by 2% in the last 24 hours, it gained more than 6% in a week.
At the time of writing, DOT is trading at $5.43 and has a market cap of over $6.6 billion, making it the 13th largest cryptocurrency. Looking at DOT’s metrics can help understand the reasons behind this uptrend.
While the price of DOT declined, so did the Open Interest (OI). Similarly, there was an increase in volume accompanying the price uptrend. Additionally, DOT’s 1-week price volatility was high, supporting the possibility of an ongoing uptrend.
Should DOT investors be cautious?
As the Exponential Moving Average (EMA) ribbon showed a bullish crossover, Polkadot’s uptrend may continue for a longer period. Not only that, but the Relative Strength Index (RSI) was relatively high.
However, although DOT’s Money Flow Index (MFI) was high, it experienced a slight decline. This could pose concerns and prevent further price increases for the token.