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According to price statistics from coinmarketcap.com, Polkadot’s price has recovered after rising from $16 to $24.28. The trading volume has dropped by 20%, which might indicate a decline in demand across exchanges, a scarcity of DOT in circulation, or a scarcity of supply story.
The Polkadot price recovered as part of the wider surge, achieving a 72 percent gain in a week. DOT has a market valuation of $26.5 billion, keeping it among the top ten cryptocurrencies on coinmarketcap.com. What’s interesting is that besides DOT, projects from its ecosystem are expected to rally this week.
Projects such as LINK and REN, among others, are expected to rebound as market capitalisation rises. DOT, LINK, and KSM have the biggest market capitalizations, with $20.2 billion, $10.4 billion, and $2.65 billion, respectively. For begin, Polkadot’s popularity skyrocketed due to the project’s resemblance to Ethereum. Polkadot network has its origins in ETH, since it was created by an ETH developer to construct dApps, and numerous prominent projects are currently running on the DOT network.
The social volume on the Polkadot network has decreased, but this has had no detrimental impact on the pricing. The cryptocurrency has held up well in the face of selling pressure and has continued to rise. According to lunarcrush, the decline was 42 percent, but the price has since changed in a different direction. Unlike other cryptocurrencies, where the price and social volume are inextricably linked, this is not the case.
Several DOT tokens have surged in value over the last two weeks, and the market capitalisation has steadily expanded. This has had a favourable influence on the portfolios of some traders. According to lunarcrush.com, the current circulating volume is 996.55 million.
Though social participation has decreased, this has not been reflected in the price; nonetheless, it is anticipated that the narrative will alter and DOT, as well as projects on the DOT network, will experience a reduction in demand and market capitalisation. However, the rise is expected to continue this week given on current on-chain indicators and price trend.