Development activity on Polkadot [DOT] reached an all-time high among other blockchains. This is a big achievement for the network as it continues to improve by introducing upgrades at regular intervals.
Polkadot Insider, a Polkadot-dedicated Twitter handle, recently posted an update about this milestone. post. Will this development have any meaning in DOT tokens?
Nothing here for DOT
Despite the positive developments, the token is suffering from ongoing bear market conditions. The last week or so has seen a big drop in DOT prices.
Scalp, a popular crypto-exchange platform, mentioned That DOT was among the top three most trending currencies on its platform. This seemed to be a positive development as it reflected the popularity of the currency. In addition, CoinEX Global also name Polkadot as one of the top five financial income cryptos.
That’s not all for Polkadot. Blockchain has reported stable data for its parachain over the past 24 hours. Additionally, Polkadot Insider Report That Moonbeam’s GLMR token is titled the top traded token on Polkadot at $12.5 million.
It is followed by a distant second Moonriver’s MOVR token at $6.3 million. The top three lists ended with Astar’s ASTR token having a traded volume of $4.3 million.
The same entity also recently reported on the Polkadot weekly recap in another tweet. According to this tweet, Polkadot saw over $77 million worth of transfer volume last week. The network was able to register an average of 1,200 new accounts per day.
On-chain data shows many possible points. Let’s take a look at its on-chain overview @polkadot Below 👇
— Polkadot Insider (@PolkadotInsider) September 19, 2022
Where does this information take us?
DOT’s performance has been underwhelming for some time now. At press time, the dot chart was trading at $6.25 with a weekly loss of over 12.5%. This was a major red alarm for investors who have been feeling the market heat for most of Q3. It remains to be seen whether this trend will continue in the next quarter.
Furthermore, a related narrative is also beginning to emerge in the social discourse of Polkadot. According to crypto analytics platform Sentiment, a negative sentiment was jumping ahead of any positivity surrounding Polkadot. While both sentiments were close to each other, FUD recently took the market by storm with huge sell-offs.