Polkadot [DOT] manages to outperform other cryptocurrencies in this area

• Polkadot witnessed massive growth in terms of revenue, and even stakers showed huge interest.
• However, DOT’s price continued to decline.

Despite the bearish sentiment plaguing the crypto market, Polkadot managed to register an increase in revenue. It outperformed other cryptocurrencies such as Polygon and Solana in this regard.

Read Polkadot’s Price Prediction 2023-2024

According to Polkadot Insider,  Polkadot’s revenue increased by 212% over the last week. At the time of writing, the overall revenue generated by Polkadot was $34,800. 

Source: Polkadot Insider

Stake it till you make it

Furthermore, Polkadot’s growing number of stakers came as a surprise to DOT’s long-term investors. According to data provided by Staking Rewards, the number of stakers on the network grew by 15.42% in the last 30 days.

At press time, there were 25,429 stakers on the network. A majority of the staked Polkadot was contributed by nominators through nomination pools.

According to SUBSCAN’s data, out of the 568.941 million DOT staked, 99.6% of the DOT was staked by nominators.  The rest of the 0.3% of the DOT was staked by validators.

Source: Staking Rewards

Besides, the daily transfer amount on the Polkadot network increased. From SUBSCAN’s data it can be observed that over the past few days, there was a massive spike in terms of the amount of DOT which was being transferred.

Over the last week, the amount of DOT transferred amongst addresses surged from 1.8 million to 38 million.

Source: SUBSCAN

However, despite the interest from stakers and growing transfer amounts, Polkadot’s price wasn’t able to recover.

After the 16 December, DOT fell by 13.18%. Since then, Polkadot’s price fluctuated within the $4.68 and $4.39 levels. Its RSI was at 44.44, at press time, indicating that the momentum was with the sellers.

However, the CMF had spiked and was at 0.18, at the time of writing. Thus, indicating that the money flow was in DOT’s favor.

Source: Trading View

The dApp angle

The declining prices of Polkadot, however, had no effect on the activity of Polkadot’s parachains.

How much Polkadot can you get for $1?

According to data provided by DappRadar, dApps on the Moonbeam network, which is a parachain on Polkadot, witnessed improvements in multiple sectors.

Popular dApps on the network such as Moonwell Artemis, saw growth of 41.30% in terms of unique active users. Other successful dApps such as StellaSwap observed a spike of 41.89% in terms of volume during the same time period.

However, it remains to be seen whether the activity on these dApps would have an impact on Polkadot’s growth.