- Polkadot revenue and fees were flat last month and TVL increased.
- Metrics and market indicators were bullish on the token.
Moles [DOT] outperformed the rest of the crypto market as it was only behind Ethereal [ETH] at the time of publication, reflecting increased adoption. Not only that, but the key statistics of the blockchain network were also flat. While this was happening, the DOT price gained upward momentum, thanks to the bull market.
Read Moles [DOT] price prediction 2023-24
However, in addition to its network activity and the bull market, there were also a few other metrics at play that could have served their role in supporting the uptrend.
Polkadot network activity is high
On July 13, Polkadot Insider announced that Polkadot had outperformed several cryptocurrencies and trailed only Ethereum. in terms of daily active addresses in the last 30 days. While Ethereum had 350,000 daily active addresses, DOT had more than 172,000.
Decision [ARB], avalanche [AVAX]and Optimism [OP] rounded out the top 5 of the list.
โ๏ธ Let's explore the top blockchains by active addresses in the last 30 days
๐A high number of active addresses indicates a thriving and expanding blockchain ecosystem, highlighting its potential for long-term success and adoption
The first 3 include:
๐ฅ @ethereum: 357,844
๐ฅ @Moles:โฆ pic.twitter.com/8s2aKFapKaโ Polkadot Insider (@PolkadotInsider) July 13, 2023
Also, Token Terminal data revealed that blockchain revenue and fees were flat over the past month. In fact, the graph skyrocketed on July 3, 2023. The value of the blockchain network also increased as its TVL increased, as noted by DeFiLlama.
Source: DeFiLlama
While these developments occurred, Polkadot's price action turned positive, thanks to the ongoing bull market. according to CoinMarketCapDOT increased more than 6% and 9% in the last 24 hours and week, respectively.
At the time of writing, it was trading at $5.63 with a market capitalization of over $6 billion, making it the 13th largest crypto. A look at the DOT metrics gave an idea of โโwhat caused this increase.
While DOT's price declined, its open interest also declined. Likewise, its upward trend in price was accompanied by an increase in volume. Besides, SPOTThe 1-week price volatility was high, supporting the chances of a continued uptrend.
Source: Feeling
Realistic or not, here it is DOT Market Cap in terms of BTC
Should DOT investors be cautious?
The Polkadot uptrend could continue for longer as the EMA ribbon showed a bullish crossover. Not only that, but its relative strength index (RSI) was also relatively high, suggesting a continued move north.
However, although SPOTThe Money Flow Index (MFI) was high, moving slightly lower. This can cause problems and prevent the token price from going higher.
Source: TradingView
