The crypto town has been seeking opportunities to extract the most out of the era’s revolutionary tech. As the business has undergone a minor pullback, which has presently collared the market cap below the $2 T mark. Amidst the bustle in town, Polkadot is making its presence felt on social platforms.
Traders and investors have set their radar on DOT price as the digital asset has not come across a major growth. Since December when it onboarded the first parachain. Conversely, Effinity parachain going live on Polkadot Rococo test net has garnered the interest of the masses. Who are now keen on a month packed with action.
Is Polkadot Now The Go-To Chain For Emerging Projects?
As aforesaid, Effinity parachain is now live on the Polkadot Rococo test net, which has garnered interest and enthusiasm from the community. Who are now keen on a month packed with action, that includes Polkadot Parchain onboarding on the 11th of March. In addition to, NFTs (multi-asset pallet), crowd loan rewards vesting, parachain transaction fees, and initial EFI supply on-chain.
The Polkadot network has been witnessing an inclining growth with Parchains, since these were first onboarded. And a number of projects like Moonbeam have performed at an astounding rate. Wherefore, projects are now interested in parachains, owing to scalability, interoperability, faster, and cheaper transactions. In addition, to the consensus mechanism of the Relaychain.
Consequently, since parachains do not need to have their own nodes to operate, the builders get an added benefit. On the other hand, the chain hosts distinct capabilities, which are new to the business, such as XCM chains which can interact with each other. A new parachain slot auction has begun at block 9_271_710.
Are These Numbers Hinting At Placing Buy Orders For DOT?
Talking about analytics, the active addresses of Polkadot are rising at a steady rate since the start of the month. The active addresses count has risen from 23,941, which was recorded on the 25th of February, to 25,376 on the 2nd of March.
Conversely, out of the total 1,147,174 addresses at press time. 271 addresses hold a balance greater than $10M hold, 1,084 addresses hold balances more than $1M. And 3,831 addresses hold a balance greater than $100k. Successively, the transaction volume for 24-hours is recorded at $105 M. Whilst the adjusted transaction volumes for the same time frame recorded $96.57 M.
DOT price at the time of writing is changing hands at $17.27 with gains being negative by 5.4%. The market cap is presently hovering around $18,824,326,982, while the trade volumes for around the clock is at $791,050,742. DOT price has been trading in the 24-hour frequency from the lows of $17.26 to $18.64.
The digital asset has risen about 22.80% since its cycle low of $14.31, which was on the 24th of February 2022. DOT remains one of the potential buys, as it is at a discounted price of 68.6% from its ATH. In addition, the fear and greed index of Polkadot is currently at mild fear at a score of 40. DOT price under the $22 bracket opens up higher opportunities during the highs.
Summing up, Polkadot with its stout fundamentals and renowned parachains remains one of the prominent protocols to consider. That said, the digital asset is available at a discounted price opens up doors to place buy orders. As the possibility of higher yields remains in favour of the digital asset. Hopefully, DOT will rise to its ATH by the next quarter provided the catalysts call the bulls.