Polkadot vs Ethereum, BNB Chain – Here’s what the stats are telling you
  • Development activity fell, but Polkadot’s network activity rose on the charts
  • Trend reversal possible in DOT price action

Polka dot pattern [DOT] is known for its consistently strong development efforts over the years.However, recent data suggests that other blockchains such as Ethereum [ETH] and the BNB chain has started to overtake that level in recent days. While this change was occurring, DOT’s price trend turned bearish on the charts.

Polkadot development activity declines

Coin98 Analytics recently Tweet We are referring to a list of blockchains ranked in terms of development activity. According to a tweet, Polkadot onboarded 827 developers last week and sees more than 5,000 code commits on the blockchain each week.

This number is not low per se, but it was low compared to other blockchains. For example, ETH had over 2,000 developers who made over 19,000 commits every week. Polkadot was also behind his BNB Chain, with weekly commits exceeding his 6,000.

Other blockchains that outperformed DOT include: polygon [MATIC] and optimism [OP]The weekly commit counts were 6,300 and 5,200, respectively.

AMBCrypto’s analysis of Santiment’s data revealed similar findings. We have seen a sharp decline in DOT development activity over the past seven days. However, despite the decline in development activity, the number of blockchain development activity contributors has spiked multiple times in the last week.

DOT development activities ceased

Source: Santiment

What’s interesting here is that while blockchain development activity decreased last week, its network activity recorded a significant spike.

AMBCrypto examined Artemis data and found that DOT’s daily active addresses increased significantly on April 24th, after a few days of inactivity. The number of transactions per day followed a similar trend due to the increase in active addresses.

Polkadot network activity was high

Source: Artemis

Bears are attacking DOT

Meanwhile, Polkadot bears buckled as the token price fell on the charts.according to coin market cap, DOT has lost over 1.5% of its value in the past 7 days. In fact, in the past 24 hours alone, the value of the token has fallen by 2%. At the time of writing, DOT was trading at $6.70 and had a market capitalization of over $9.6 billion.

DOT’s funding rate has also increased in recent days. This is a bearish development as prices tend to move in the opposite direction to funding rates.

Nevertheless, Polkadot’s open interest also declined. A decline in the indicator indicates that the ongoing market trend is likely to change.

DOT funding rate increased

Source: Santiment

read polka dots [DOT] price prediction 2024-25

DOT’s Money Flow Index (MFI) also recorded a sharp increase and is further above the neutral level, indicating the possibility of price appreciation.

Finally, DOT’s price was hovering below its 20-day simple moving average (SMA), according to Bollinger Bands. A successful break above that level could create a new bull market for altcoins on the chart.

Source: TradingView

Related Article


Leave a Comment