Polkadot: A tale of developer triumph and metric challenges

• Polkadot has seen a significant uptrend in development activity.
• DOT was currently on a positive trend, trading over $5.

Polkadot has consistently witnessed remarkable development activity, and recent data indicated a surge in its developmental endeavors since its inception. While the growth in developer activity is evident, other metrics are yet to experience a similar upward trajectory.

Read Polkadot (DOT) Price Prediction 2023-24

Polkadot’s dev activity 

Token Terminal recently shared a post highlighting the remarkable growth of daily core developers on Polkadot since its launch. The accompanying chart vividly captured a substantial surge in the number of contributors actively involved in the network. This upward trend was further corroborated by Santiment’s analysis of development activity, revealing an impressive figure of over 83 at the time of writing. 

Polkadot has consistently ranked among the leading chains in development activity, indicating a commendable level of consistency in this metric. One plausible explanation for this sustained high level of development activity could be attributed to other chains leveraging the capabilities of the Polkadot network.

Other Polkadot metrics stalls

While Polkadot has consistently demonstrated significant development activity, the same cannot be said for its daily transaction volume. The observed daily transaction chart revealed an average of approximately 7,000 transactions on Polkadot, with the highest recorded figure reaching around 11,000 daily transactions in nearly seven months. As of this writing, the daily transaction count remained slightly above 7,000. 

Source: The Block

Additionally, the number of active addresses on the network appears to have regular movements. Around 6,000 active addresses were observed in January. But this figure gradually decreased, averaging around 5,000. As of this writing, the number of active addresses was approximately 5,200. The number of new addresses being created had also remained relatively flat. 

Furthermore, a glimpse at the Total Value Locked (TVL) on DefiLlama revealed that the TVL across all chains on the Polkadot network was currently below $150 million. The combined TVL remained under the $150 million mark despite encompassing multiple chains.

DOT shows positive trends

When examining Polkadot (DOT) daily, it showed that it exhibited more favorable trends than other metrics. The chart revealed a notable uptrend for DOT in June, reaching a new price range despite occasional declines. 

Source: TradingView

Is your portfolio green? Check out the Polkadot Profit Calculator

As of this writing, DOT was trading at approximately $5.2, with a minor loss of less than 1% noticeable. The overall trend remained bullish, as indicated by its Relative Strength Index (RSI). 

The Moving Average Convergence Divergence (MACD) also demonstrated a bullish divergence, further supporting the positive sentiment surrounding DOT’s performance.