Source: Vladimir Kazakov – Adobe Stock
- Polkadot ( DOT) remains stuck in the red zone, after declining by more than 4 percent within the last 7 days.
- However, new developments recorded on the Polkadot network hint at a potential bounce back for DOT in the future.
Polkadot investors might be experiencing a bearish week as the price of Polkadot (DOT) remains trapped in the red zone. However, a recent development points to a rather promising future for DOT investors and traders alike.
Currently holding the 11th position in terms of market cap valuation, Polkadot (DOT) is ahead of a handful of other rival altcoins that had dethroned it in the past. However, DOT bulls might have to work even harder to maintain their current position as the bears trickle into the market.
Polkadot (DOT) has lost over 4 percent in the last 7 days, as well as the last 24 hours. While gains have surged to 0.11 percent at report time, DOT is still in the red zone. In order to move past its current price of $5.93, and potentially attempt to test the $7 mark, DOT bulls have to clear the outstanding losses.
Although it remains uncertain how the altcoin will bounce back, a pattern recently spotted in the NFT ecosystem might just give Polkadot (DOT) the push needed to help the altcoin swing upwards.
Polkadot Insight, an analytics platform dedicated to sharing updates relating to Polkadot, took to Twitter to brief community members on the ongoing development.
According to tweets from Polkadot Insight, NFT projects are turning to the MoonbeamNetwork smart contract platform, in a bid to easily connect with members of the Polkadot ecosystem. The tweet read;
NFT projects are choosing to deploy on the MoonbeamNetwork smart contract platform as an easy way to reach users & assets in the Polkadot ecosystem.
🏗️ #NFT projects are choosing to deploy on the @MoonbeamNetwork smart contract platform as an easy way to reach users & assets in the #Polkadot ecosystem
👀 Let’s see the NFTs of the #Moonbeam Ecosystem
Which project do you like below?
#DOT #GLMR #Marketplaces #Gaming pic.twitter.com/Yxo3B5aebC
— Polkadot Insider (@PolkadotInsider) April 26, 2023
In terms of the Nakamoto Coefficient measure, Polkadot is the most secure and decentralized network
Polkadot has also gained recognition as one of the most secure and decentralized networks, particularly when using the Nakamoto Coefficient measure.
Once again Polkadot proves its superiority amongst other networks! In terms of the Nakamoto Coefficient measure, Polkadot is significantly more secure and decentralized than any other network. A method used to calculate the lowest number of validator nodes needed to disrupt the blockchain’s network.
As shown on the data shared by Polkadot Insider, Polkadot sits ahead of Solana (SOL), Avalanche (AVAX), and six other leading networks.
Once again @Polkadot proves its superiority amongst other networks! 📈⚡️
In terms of the Nakamoto Coefficient measure, #Polkadot is significantly more secure and decentralized than any other network
A method used to calculate the lowest number of validator nodes needed to… pic.twitter.com/3wSUewjWp1
— Polkadot Insider (@PolkadotInsider) April 25, 2023
Additionally, Mythical Games, a Venture-backed next-generation game technology company, which is largely regarded as a leading gaming blockchain, joined the NFL, to switch from its current chain to Polkadot.
1/ 🚨🚨Mythical Games (@playmythical) — the #1 gaming blockchain — and the @nfl are coming to Polkadot! It’s time to move the chains… pic.twitter.com/NGBinLWjxN
— Polkadot @ Consensus 2023 (@Polkadot) April 26, 2023
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“After discussions with numerous blockchain protocols, this was an easy decision: Polkadot’s commitment to innovation, security, and governance provides the most value for our community.” said John Linden, the CEO of Mythical Games.
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