Polkadot's latest pursuit of exponential parachain growth aligns with the network's cross-chain efforts. However, will this latest effort push DOT to move in the right direction going against the ongoing sentiment of the market?
Having that many parachains would allow the Polkadot layer a 0 network to achieve its goal of mass adoption. This would also translate to healthy levels of utility not only for the network but also for its native cryptocurrency DOT.
The pursuit of exponential parachain growth also aligns with Polkadot’s cross-chain efforts. Multiple networks have been aggressively pushing toward cross-chain dominance due to the potential opportunities in the segment. Polkadot is among those networks and it reiterated this during the Sub0 developer conference.Polkadot’s plans and ongoing developments underscore the probability of long-term success, especially in the mid-to-long term.
has been in a downward trajectory since February. It achieved a new 2023 low of $3.91 on 11 September and it exchanged hands at $4.02 at press time.DOT’s recent low range achieved a decent amount of accumulation but it was arguably not enough to sustain a proper bullish recovery. DOT’s current monthly low represented prices previously observed in November 2020. This highlighted the extent of its bearish prevalence.
On-chain data revealed that DOT’s weighted sentiment improved slightly in the last three weeks. This indicated that more traders seemed confident about its . However, this was yet to be reflected in the cryptocurrency’s price action. Meanwhile, development activity was at its lowest level in the last four weeks.DOT’s latest performance was also in tune with the rest of the crypto market. In other words, its performance reflected the low demand and declining liquidity in the last few months.might thus improve if the market switches to a bullish outlook and performance.
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