- Polkadot’s eco-friendliness could positively impact sentiment.
- Upcoming developments and a growing number of stakers could also drive interest.
According to recent data provided by PolkadotInsider, Polkadot [DOT] consumed the least amount of electricity compared to other cryptocurrencies in the market. This eco-friendliness could impact Polkadot and the sentiment surrounding the cryptocurrency positively.
POLKADOT – THE ECO-FRIENDLY BLOCKCHAIN
Thanks to CCRI Report 2022, we found @Polkadot was ranked #2, only followed by US Household in terms of the total yearly electricity consumption 🚀
— Polkadot Insider (@PolkadotInsider) January 25, 2023
How many are 1,10,100 DOTs worth today?
The sentiment remains unchanged
However, according to data provided by Santiment, the weighted sentiment around Polkadot remained negative throughout the last month. However, the lack of electricity usage of Polkadot could play a role in changing public sentiment around the cryptocurrency and nudge it in a positive direction.
The growing number of social mentions and engagements for Polkadot could also have a positive impact on the cryptocurrency. Over the last week, the number of social mentions grew by 19%. Moreover, engagements for Polkadot grew by 23.9% during the same period.
This could indicate that more people are talking about Polkadot and engaging with the cryptocurrency, which could lead to increased adoption and interest in DOT.
There have also been several upcoming referendums which could affect the network. The new referendums would deal with governance and runtime upgrades, which could make the cryptocurrency more attractive to investors. Additionally, the growing number of stakers on Polkadot, which grew by 5.9% over the last 30 days, could also indicate a positive impact on cryptocurrency.
Source: Staking Rewards
Polkadot sees spike in transfers
Moreover, Polkadot’s daily transfer amount also witnessed a huge spike, according to data provided by SubScan. The number of transfers increased from 9.5 million to 58.4 million over the last week. This could indicate that more people are actively using and transferring their DOT.
Realistic or not, here’s DOT’s market cap in BTC’s terms
However, despite these positive developments, the token’s market cap dominance declined over the past month and volatility grew by 2.76%. This could indicate that investor sentiment around Polkadot was uncertain at press time and the crypto currency’s future performance was not guaranteed.
These recent developments, although positive, may not be enough for Polkadot to see green in the short-term, but it may have a positive impact on the cryptocurrency in the long run.
The price of DOT was $6.18 at the time of writing and it decreased by 5.51% in the last 24 hours, according to CoinMarketCap.