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The tension is higher within the broader crypto market as many earnestly wait for the upcoming Bitcoin halving. Polkadot, the network that supports interoperability across blockchains, has seen an increase in activity rate.
The Polkadot ecosystem, which houses many Dapps, now uses more dedicated blockspace to avoid issues like network spam. Will such changes impact the price of DOT?
Polkadot Reveals Growth In Activity In The Ecosystem
A recent post on the Polkadot official X account featured a chart showing the active addresses of different projects on the ecosystem.
Activity continues to grow in the Polkadot ecosystem, where many apps use dedicated blockspace to prevent issues like network spam 🛡️
Polkadot is about flexibility without compromising on resilience 🔗
In the end, this benefits the users 👥 pic.twitter.com/s7bkO7rVqT
— Polkadot (@Polkadot) April 7, 2024
The chart highlighted the trend from April 2023 to March 2024. During this period, the cumulative addresses on the Polkadot ecosystem saw the highest growth in March 2024.
Besides DOT, some indicated coins in the chart include Moonbeam, Nodle, Astar, Acala, and others. In the post, the network acknowledged that many applications on the ecosystem system now create their own dedicated blockspace.
The use of dedicated blockspace ensures the sequential storage of data on the network. This approach will help eliminate issues on the platform, such as network spam.
Also, it enables the blockchain to maintain its security and scalability and to remain affordable for developers. Polkadot’s flexibility is a major attractive point to developers. As the post stated:
“Polkadot is about flexibility without compromising on resilience. In the end, this benefits the users.”
DOT Price Performance And Predictions
DOT trades at $8.95, reflecting a 3.41% surge over the past 24 hours. With a market cap of $12.80 billion, Polkadot has become the #14 top crypto asset according to CoinMarketCap ranking.
Additionally, its trade volume boasts a staggering 41.54% increase to $235.87 million. Like several other crypto assets, DOT is far behind its 2021 all-time high of $55. However, it’s currently up by 232.91% from its all-time low of $2.69.
Moreover, DOT has recorded more than a 44% surge in its price over the past year. The increasing activity rate and active addresses on the Polkadot ecosystem could trigger a spike in DOT’s price.
Further, several crypto analysts have become optimistic about a potential price rally for Polkadot. A prominent crypto trader and expert, CRYPTOWZRD, recently tweeted about DOT’s readiness for an increase.
According to the post he tagged “Volcanic Eruption Brewing,” DOT, the sleeping giant, is about to wake. Also, the trader included a chart, predicting that Polkadot would soon cross a critical region of $9.60. He expects such a move to prepare the token for a surge to $15.80.
Another analyst, @JakeGagain, gave a more bullish forecast for Polkadot. According to him, the price of DOT will hit $47 by 2025.
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