- The overall variety of staked DOT tokens elevated over the previous few days.
- DOT was down by 16%, however a couple of indicators appeared bullish.
As we enter the second week of 2024, Polkadot [DOT] has some constructive information associated to its staking ecosystem. Notably, the ecosystem witnessed an increase within the quantity of DOT staked.
To raised perceive how Polkadot’s staking ecosystem was doing, AMBCrypto deliberate to take a more in-depth take a look at the blockchain’s state.
A more in-depth take a look at Polkadot staking
Tony, a well-liked crypto analyst, not too long ago posted a tweet highlighting the truth that Polkadot was growing the quantity of DOT blocked in staking.
As of the seventh of January, DOT had a complete issuance of over 1.3 billion, out of which greater than 52% have been blocked in staking.
#Polkadot #DOT continues to extend the quantity of $DOT blocked in #Staking 🔐🔐🔐🔐🔐 that is nice 🔥🚀https://t.co/tYxEY57lJo https://t.co/ETj6LpcpoH pic.twitter.com/9qfLAkmtAs
— Tony ₿itcoin⚡ (@Toni_Bitcoin) January 7, 2024
To raised perceive Polkadot’s stalking ecosystem, AMBCrypto took a take a look at Staking Rewards’ knowledge. We discovered that the variety of DOT tokens staked has gained upward momentum within the current previous.
At press time, the overall variety of DOT staked was 719.81 million, with a reward charge of over 14.8%. Polkadot had a complete of almost 107k staking wallets, with a stalking market capitalization of greater than $4.8 billion.
Supply: Staking Rewards
A attainable cause behind the uptick in staking metrics could possibly be buyers’ confidence in DOT, as they hoped to earn extra rewards over the months to comply with. Subsequently, it appeared vital to verify market sentiment round DOT.
AMBCrypto’s evaluation of Santiment’s knowledge revealed that the token’s Social Quantity remained comparatively excessive all through the final week. Nevertheless, bearish sentiment round DOT was dominant, as evident from its unfavorable Weighted Sentiment graph.
Supply: Santiment
DOT is bleeding
The explanation behind the bearish sentiment round DOT might be attributed to its unfavorable value motion. In accordance with CoinMarketCap, DOT was down by greater than 16% within the final seven days.
On the time of writing, DOT was buying and selling at $6.80 with a market cap of over $8.6 billion.
Our take a look at Polkadot’s liquidation ranges revealed that the token witnessed a large sell-off close to the $8.8 mark. Quickly after that, one other sell-off spree started close to $8.6, inflicting a value correction.
Since then, a number of extra zones of excessive liquidation have been famous, which pushed the token’s value additional down.
Supply: Hyblock Capital
Learn Polkadot’s [DOT] Value Prediction 2024-25
Although the aforementioned knowledge appeared regarding, issues may quickly become in buyers’ favor. AMBCrypto’s take a look at Polkadot’s every day chart identified that its Chaikin Cash Circulate (CMF) registered a slight uptick.
Moreover, its Cash Circulate Index (MFI) was nearly to enter the oversold zone. This might exert shopping for strain on DOT, in flip pushing its value up.
Supply: TradingView
