- Polkadot exceled in the number of GitHub repositories and development activity.
- Despite declining revenue, Network Activity and Social Volume remained robust.
Polkadot [DOT] has been navigating through a series of challenges in recent months, but there were certain areas where it continued to shine.
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GitHub repositories and development activity
Polkadot impressively secured the second position in terms of GitHub repositories, which function as central databases for storing and safeguarding codes, assets, and various data inputs and outputs. Its strong presence signified a dedicated developer community.
TOP BLOCKCHAINS BY NUMBER OF REPOSITORY
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— Polkadot Insider (@PolkadotInsider) October 21, 2023
High development activity accompanies this achievement, once again ranking Polkadot second. The robust development work is a positive sign for the network, indicating its commitment to enhancing and evolving its ecosystem.
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— Polkadot Insider (@PolkadotInsider) October 21, 2023
Additionally, Polkadot also boasted significant activity on its network. According to data from Token Terminal, Polkadot’s activity increased by 8.5% over the past month. The protocol remains a hub of interactions and transactions, indicating its utility and popularity among users.
Despite its strong network activity, Polkadot has witnessed a 9.8% decline in revenue during the same period. While this dip may raise concerns, it’s essential to remember that blockchain protocols operate differently from traditional businesses, and revenue doesn’t tell the whole story.
DOT’s price movement
Over the last few weeks, Polkadot’s native token, DOT, experienced a notable price decrease. The price chart exhibited a pattern of lower lows and lower highs, suggesting a bearish trend.
At the time of writing, DOT was trading at $3.71. Reversing this bearish trend would require a significant shift in market sentiment. However, the overall positive momentum in the broader cryptocurrency market offered some hope.
Polkadot’s Social Volume remained high, demonstrating that the community and users were actively engaged and discussing the protocol. This was a positive sign, as community involvement often indicates a healthy and dynamic project.
Realistic or not, here’s DOT’s market cap in BTC’s terms
On the flip side, Weighted Sentiment witnessed a decline. This suggested that while discussions and conversations surrounding Polkadot remained vibrant, the overall sentiment had shifted towards the negative.
It’s essential to monitor sentiment, as it can influence market behavior and decision-making among participants.
Source: Santiment