Polkadot: This gives worrying signs for DOT – what should you do?


  • There has been a huge decline in social activity on the Polkadot network in the last few days.
  • Overall activity on the network also fell.

polka dot [DOT] has been one of the L1s that has not seen as much growth compared to its counterparts. One reason for this would be the decreasing popularity of Polkadot on social media platforms.

words on the road

AMBCrypto's analysis of Sentiment's data revealed that Polkadot's social volume has declined significantly. Furthermore, sentiment towards DOT declined significantly.

Polkadot DOT 17.59.52 12 May 2024

Source: Sentiment

Nevertheless, Polkadot is actively collaborating with a media agency to raise awareness of the network.

eVox, a media agency and content creator management firm, has dedicated several months to furthering the Polkadot cause.

Currently, they are aiming to expand this outreach effort to CoinMarketCap.

Screenshot 2024 05 12 at 6.14.34%E2%80%AFPM

Source:

It remains to be seen whether Polkadot's efforts to improve its popularity can yield positive results in the long run.

looking at the price

DOT was also not performing very well in terms of price movements. Its price has declined by 27.96% since April 1. During this period, DOT displayed several lows and lows, indicating a bearish trend.

Furthermore, the CMF (Chaikin Money Flow) for DOT had increased slightly, which means that money flows for DOT may increase further.

However, the RSI had fallen to 42, meaning that the bullish momentum had diminished significantly. DOT needs to retest the $7.598 level a few more times before resuming its upward journey.

DOTUSDT 2024 05 12 18 18 18

Source: TradingView

Talking about the status of protocol, the situation looks quite serious. The number of active users on the Polkadot network has declined significantly over the past 30 days.

Revenue generated by the network also declined during this period.


read polkadot [DOT] Price Forecast 2024-25


These factors suggested that not only was DOT not performing well in terms of its price and social activity, but the overall strength of its ecosystem was also declining.

If things continue like this, it may be difficult for DOT to recover.

Screenshot 2024 05 12 at 6.29.10%E2%80%AFPM

Source: Token Terminal

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