- Polkadot has struggled with maintaining its price in the last three months.
- Despite this, there have been positive developments in the ecosystem that could lead to a bullish journey.
Polkadot struggles with NFT trades
Polkadot Insider recently posted an update on the NFT front, revealing that various NFT projects have been choosing the Moonbeam Network smart contract platform for deployment. However, data from Santiment showed a different picture of the ecosystem’s NFT landscape, with the total NFT trades count on the Polkadot network at only 1207, and the total NFT trades volume in USD at 2.62 million at the time of writing.
👀 Let's see the NFTs of the #Moonbeam Ecosystem
Which project do you like below?
— Polkadot Insider (@PolkadotInsider) April 26, 2023
DOT’s performance struggles
DOT’s Relative Strength Index (RSI) stood at 43.95 and was seen to be moving toward the neutral zone. The Moving Average Convergence Divergence (MACD) indicated that the signal line was over the MACD line, a bearish sentiment. Additionally, the Chaikin Money Flow (CMF) also indicated a selling pressure.
Mythical Games moves to the Polkadot chain
Despite these struggles, there may be some positive movement for DOT in the future. Mythical Games recently announced that it would be leaving the Ethereum network to launch its Mythos ecosystem on the Polkadot network. According to the CEO of Mythical Games, John Linden, Polkadot’s commitment to innovation, security, and governance provides the most value for their community.
This move by a major player could be a sign of good things to come for Polkadot.
Polkadot’s development activity
Developers have continued to contribute actively to the Polkadot network. At press time, the value stood at 100. In terms of the Nakamoto Coefficient measure, Polkadot is considered the most secure and decentralized chain in comparison to any other network. However, DOT’s weighted sentiment and social dominance remain low, indicating a lack of enthusiasm among investors.
Once again @Polkadot proves its superiority amongst other networks! 📈⚡️
In terms of the Nakamoto Coefficient measure, #Polkadot is significantly more secure and decentralized than any other network
A method used to calculate the lowest number of validator nodes needed to… pic.twitter.com/3wSUewjWp1
— Polkadot Insider (@PolkadotInsider) April 25, 2023
Could DOT’s fortunes turn around?
Despite the struggles, there are reasons to be hopeful for the future of DOT. The recent move by Mythical Games to the Polkadot network could lead to positive movement in the coming days. While the current indicators suggest a bearish sentiment, this could change, and DOT could embark on a bullish journey.
Investors should keep an eye on Polkadot’s ecosystem and development activity to stay informed about any potential opportunities.
— Polkadot @ Consensus 2023 (@Polkadot) April 26, 2023