The latest Santiment data indicated that Polkadot ranked above ETH and SOL as the platform with the most development activity within the last seven days. While Solana and Ethereum’s development activity totaled 67.21 and 78.79, respectively, over the previous week, Polkadot had the same metric at 3124.14 in that timeframe.
Moreover, Polkadot had 1,400 monthly developers working on the network as of October 18. That suggested a 1400% surge in active developers on Y/Y.
Some Concerns
Polkadot hasn’t recorded growth in other aspects besides the rallying development activity, emerging from parachain traffic. Evaluating the platform’s on-chain performance within the previous week indicated a slump in daily network users and a decline in daily revenue.
Token Terminal data indicated that Polkadot’s daily revenue plunged persistently within the past six months. Reports showed crypto’s revenue dropped by around 80.2% over the previous 180 days, 37.3% within the past three months, 7.3% over the past month, and 26.6% within the last week.
Also, fees paid to complete daily transactions on the blockchain resorted to similar trends, according to Token Terminal data. Moreover, Subscan data indicated consistent declines in layer 0’s daily users since the year started.
Polkadot’s active wallets have plunged since logging the 40,360 daily high on November 12 last year. The chain had only 1,190 addresses as of October 18.
No Safety Corner
Polkadot’s native token, DOT, wasn’t an exemption from the extended plunges that plagued the blockchain. The #12 digital coin saw its price decline by 6% within the previous month. Meanwhile, the token’s price dropped by 77% on a YTD, according to Coinmarketcap data.
Continued price declines within the last month triggered trading volume slides. Santiment data showed Polkadot’s trading volume dropped by 41%, hovering at $189 million during this publication.
Analysts Bearish on DOT
A crypto trader and analyst, CryptoGodJohn, revealed his longer-term trajectory to over 400K followers. John stated that Polkadot’s downside bias could see the alt plummeting below $4.30. He believes DOT will slump to $4, urging market players to accumulate at this level and sell beyond $50 in the longer term.
