Polkadot Records New Achievements In Dev’t Activity, Pushes DOT Price Up

Christian Encila

2 years ago

4 mins read

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Polkadot (DOT) has ushered in the first week of 2023 on a strong note, rising 8% in the last seven days, data from Coingecko shows, Wednesday.

The ecosystem itself has been very bullish recently, following the trend of the crypto market. According to Polkadot Insider, who posted an on-chain update of the ecosystem, Polkadot is registering new users on-chain, peaking on January 6th at 2,126 new users.

The ecosystem also saw gradual increases in revenue. Compared to December’s final week– which includes January 1st, in line with Polkadot Insider’s chart– average revenues on the last week of the month was at $671.8 million, but the average rose this week to $709.3 million.

Image: Polkadot Insider/Twitter

Connecting The DOTs

Polkadot released a blog post rounding up the developments on the ecosystem last year and it is impressive nonetheless. Even with the strong grip of the bear market, Polkadot has over 550 projects running on-chain or are being developed on the ecosystem. With over 71 parachains on Polkadot, development will continue even in the midst of the bear market.

Chart: Santiment

This can be seen in the development activity on-chain which skyrocketed with the start of the year. Polkadot also scored major partnerships with Japan phone operator NTT Docomo and video game company Square Enix, further strengthening the ecosystem’s Web3 infrastructure.

But positive revenues, booming dev activity, and major tie-ups could have no big effect on DOT’s price, despite its latest weekly ascent. The token has not broken its sluggish pace which started in May last year. This downtrend, if not altered this year, will eventually lead the token to retest its support at $4.

Polkadot ‘Sucker Rally’

As of writing, the token is changing hands at $4.8 which is not a far cry from the $5 resistance that halted any bullish run for DOT. According to crypto analyst Market Mobster, the rally that DOT has experienced is just what they call a “sucker rallys.”

Some $DOT analysis

Be careful of these types of ‘suckers rallys’

As much as I love @Polkadot I’m not adding to my bag here, monster downtrend needs to break structure to give me more confidence

99% of coins look like this when you zoom out. You should have bought it weeks ago pic.twitter.com/4cPzh0xfVZ

— Market Mobster (@MarketMobsterUK) January 9, 2023

DOT total market cap at $5.7 billion on the daily chart | Chart: TradingView.com

Other analysts, however, are bullish that the token would break out of its current macro trend and rise. However, this week’s Consumer Price Index data release would be a dice roll for the broader financial space.

Image: GURU/Twitter

The token may enter a sideways motion as the market waits for the release of the CPI. However, the token’s correlation with BTC might give a needed boost to finally end the macro trend it has followed since last year.

-Featured image from Cryptoglobe

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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