- Social activity on the Polkadot network has decreased significantly in recent days.
- Overall network activity also declined.
Polkadot (DOT) has been one of the L1s that has not seen as much growth as its peers. One reason for this is believed to be Polkadot’s declining popularity on social media platforms.
Speech in the street
AMBCrypto’s analysis of Santiment data revealed that Polkadot’s social volume has declined significantly. Additionally, weighted sentiment around DOT has fallen significantly.
Source: Santiment
Nevertheless, Polkadot is actively collaborating with a media agency to increase awareness of the network.
eVox, a media agency and content creator management company, has dedicated several months to advancing the Polkadot cause.
Currently, they aim to expand this outreach effort to CoinMarketCap.
Source:
It remains to be seen whether Polkadot’s efforts to improve its popularity can yield positive long-term results.
Looking at the price
DOT is also not doing very well in terms of price action. Since April 1, its price has fallen by 27.96%. During this period, DOT exhibited several lows and lower levels, indicating a downtrend.
Additionally, the CMF (Chaikin Money Flow) for DOT has increased slightly, implying that there may be a slight increase in money flow for DOT in the future.
However, the RSI fell to 42, implying that the bullish momentum has diminished significantly. DOT will need to retest the $7.598 level several times before it can begin its journey upward.
Source: Commercial View
As for the status of the protocol, the situation seemed quite dire. The number of active users on the Polkadot network has decreased significantly over the past 30 days.
The revenue generated by the network also declined during this period.
Read Polkadot (DOT) Price Prediction 2024-25
These factors suggest that not only is DOT not doing well in terms of pricing and social activity, but the overall strength of its ecosystem is also declining.
It could be difficult for the DOT to recover if things continue like this.
Source: Token Terminal
News Source : ambcrypto.com
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