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- The whole variety of staked DOT tokens elevated over the previous few days.
- DOT was down by 16%, however a couple of indicators regarded bullish.
As we enter the second week of 2024, Polkadot [DOT] has some optimistic 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 have a look at the blockchain’s state.
A more in-depth have a look at Polkadot staking
Tony, a preferred crypto analyst, just lately posted a tweet highlighting the truth that Polkadot was rising 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% had been blocked in staking.
— Tony ₿itcoin⚡ (@Toni_Bitcoin) January 7, 2024
To raised perceive Polkadot’s stalking ecosystem, AMBCrypto took a have a look at Staking Rewards’ information. We discovered that the variety of DOT tokens staked has gained upward momentum within the latest previous.
At press time, the entire variety of DOT staked was 719.81 million, with a reward price of over 14.8%. Polkadot had a complete of practically 107k staking wallets, with a stalking market capitalization of greater than $4.8 billion.
A potential motive behind the uptick in staking metrics might be buyers’ confidence in DOT, as they hoped to earn extra rewards over the months to comply with. Subsequently, it regarded essential to test market sentiment round DOT.
AMBCrypto’s evaluation of Santiment’s information revealed that the token’s Social Quantity remained comparatively excessive all through the final week. Nonetheless, bearish sentiment round DOT was dominant, as evident from its damaging Weighted Sentiment graph.
DOT is bleeding
The explanation behind the bearish sentiment round DOT will be attributed to its damaging worth motion. In response to 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 have 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 worth correction.
Since then, a number of extra zones of excessive liquidation had been famous, which pushed the token’s worth additional down.
Learn Polkadot’s [DOT] Worth Prediction 2024-25
Although the aforementioned information regarded regarding, issues would possibly quickly change into in buyers’ favor. AMBCrypto’s have a look at Polkadot’s each day chart identified that its Chaikin Cash Stream (CMF) registered a slight uptick.
Moreover, its Cash Stream Index (MFI) was nearly to enter the oversold zone. This might exert shopping for stress on DOT, in flip pushing its worth up.