February 3, 2023

  • Polkadot competed with major cryptocurrencies in terms of ecosystem and development activity.
  • However, DOT flew under the radar as social mentions and engagements dwindled.

This was revealed in a tweet on December 8 Dot other networks competed in terms of ecosystem expansion and developmental activity. However, this growth did not translate to the social front as commitment and sentiment for Dot turned down.

Read Polka dots [DOT] Price prediction 2023-24

Dot second only to Ethereum in terms of sub-ecosystems and development activities. Interestingly, it ranks higher than other prominent cryptocurrencies such as Cosmos, Solana, and Cardano.

Participate in the major competitions

An indicator of this growth was the increase in XCM transfers on the network.

According to Polka dot insider, there were more than 500,000 transactions on the Moonbeam Parachain. Other parachains, such as ParallelFI and AcalaNetwork, also experienced growth.

Polka dot under the radar

Despite the growth of these parachains on Polkadot, there wasn’t much activity for the network socially. According to Lunar Crush. Polkadot’s social engagements and social mentions have plummeted over the past week.

At the time of writing, social mentions were down 26.1% and social engagement was down 9.9%.

Sentiment towards Polkadot remained negative throughout the month from a peak in late November.

Source: Sentiment

This declining sentiment could be a reason why Polkadot and NFTs prices were not seen on various chains lots of growth.

Still, despite falling sentiment and falling prices, strikers continued to show support for the cryptocurrency. The image below shows that after 4 November there was a huge increase in the number of strikers.

In the past 30 days, the number of strikers on the network has grown by 9.54%. The total number of strikers on the network was 24.2k, according to the staking rewards.

Source: Staking Rewards

Apparently, the crypto community has been paying attention to Polkadot’s growing ecosystem. That said, aAt the time of writing, DOT was trading at $5.41. The price is up 2.32% in the last 24 hours.

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