Polkadot has maintained upsides this week as the broad crypto market switched to bullish tides. The improved market sentiments saw DOT recoding double-digit upticks. Many believe the Merge news triggered the sentiment shift, but Polkadot’s DOT has its reasons.
Ecosystem developments appear to have triggered network growth. While publishing this post, DOT traded at around $9.46, dropping 1.3% within the past 24 hours. Meanwhile, the alternative token gained 11.75% over the last seven days.
Pink, The New Green
The groundwork for a massive foundation is among the reasons behind DOT’s growth. At the moment, Polkadot equips the 5th-leading DAO treasury with $440.1 million in valuation. DeepDAO data shows Polkadot behind Uniswap ($3.9B), BitDAO ($1.6B), Gnosis ($1.36B), and Lido ($453.9M).
Also, Polkadot Insider stated that the altcoin ranked third among leading chains by interest within the past 30 days. The over 40% ROI sees Polkadot behind market giants like ETH (66.16%) and AVAX (51.78%). Meanwhile, the latest Messari data reveals Polkadot as the greenest platform.
The report stated that drastic programming overhauls plus funding carbon equalizer projects have protocols alleviating the stigma that cryptocurrency is damaging the globe. Meanwhile, Polkadot leads the recent campaign for the crypto market to go green.
Also, Polkadot remains active lately following the latest announcement by Bifrost, its parachain. Investors had staked more than 180,000 KSM on the Bifrost Staking Liquidity Protocol (SLP) by August 10.
The protocol provides ubiquitous liquidity with a 7-day redemption period. Also, users can cancel it at any time. Moreover, vKSM total value locked touched $14.41 million lately, further enforcing Bifrost growth at the moment.
These developments triggered an increase in social media discussion around DOT on August 12. The Social Volume chart confirmed that, hitting 87 monthly high. Nevertheless, the index has since plummeted to obscurity. With the social chaos shifting focus to ETH’s latest upsurge.
Digital assets battled to retain the latest upsides during this writing. While publishing this post, the global cryptocurrency market capitalization stood at $1.18 trillion. Bitcoin fails to decisively secure the $25K mark, changing hands at $24,848 during this writing. Only time will showcase what the market could see next.