Polkadot (DOT) Records Transaction Blow up, What Is Happening?

Polkadot (DOT) is experiencing a major transaction blowout in what is regarded as an unprecedented move on the protocol. According to on-chain data, Polkadot's daily transactions have topped the 1,000,000 benchmark, marking a historic high for the layer-1 blockchain network.

Timeline of Polkadot-new

An open-source sharded multichain protocol, Polkadot connects and secures a network of specialized blockchains. It facilitates cross-chain transfer of any data or asset types, not just tokens, thereby allowing blockchains to be interoperable.

Polkadot is recording small gains by the end of 2023, in line with the gradually recovering crypto market. The Polkadot price is trading at slightly less than $7 as of December 2023, with yearly gains of 30%, monthly gains of 33%, and weekly gains of 22%.

While Bitcoin (BTC) seems to be resting and flirting around the $44,000 level, altcoins have been raging in with the rally even further extended to some of the small-cap altcoins. Over the last seven days, the altcoin space has added $100 billion to the broader crypto market.

The cryptocurrency market is witnessing a dynamic shift, with altcoins like Ethereum (ETH), Solana (SOL), Chainlink (LINK), Polygon (MATIC), Polkadot (DOT), and the emerging ScapesMania gaining significant traction. As Bitcoin crosses the $38K mark, Solana leads the pack among Layer 1 tokens, showcasing robust gains and hinting at a potential reshaping of the crypto hierarchy.

Polkadot price prediction: The crypto market is moving sideways on the first day of the last month of the year, but Polkadot (DOT) shows a completely different picture, increasing by 4% to $5.39. Traders have been turning their attention to large market cap altcoins like Solana (SOL[), Chainlink, Polkadot, and more with Bitcoin and Ethereum consolidating.

In a noteworthy move into traditional finance, Polkadot has invested $1 million in U.S. treasury bills, establishing a bridge between blockchain and conventional financial systems. The cryptocurrency has exceeded market expectations with a more than 6% increase in the past 24 hours, reaching trading levels around $5.50, marking its highest point in the last week.

DOT, the native currency of Polkadot, a smart contract platform, remains under pressure, posting sharp losses after soaring to an all-time high of around $55 in 2021. The coin is trading at about $6, volatile but up roughly 45% from 2022 lows, buoyed by the broader recovery across the crypto scene.

Polkadot, the groundbreaking blockchain network, is gearing up for a significant shift in its ecosystem with the upcoming introduction of Core Jam and Core Play. These initiatives are not just additions to Polkadot's already impressive repertoire, but they represent a fundamental change in how the network operates.

Polkadot's Development Activity was stable throughout the past week even as DOT's price dropped by 2% in the past 24 hours. The post Why Polkadot failed to make a mark despite high dev activity appeared first on AMBCrypto.

Polkadot's governance reviews a proposal to boost its social influence, addressing low social activity and sentiment concerning the DOT token. The post Will Polkadot remain relevant in the social sector?