Polkadot has outpaced a lot of its competitors when it comes to its development activities. Several activities of the system played a prominent role such as the parachine rental auction as well as the promotion of the new state system.
In the chart below, we can clearly see that the DOT, after July, has outperformed Bitcoin, Cardano, Solana, and Tron.
This can be considered as a positive sign for the network. It is clear that the developers have been working hard to make improvements and add new features.
One explanation for the increase in developer activity could be the parachain auction, which will allow developers to create new crypto assets and decentralized applications (dApps) on top of its two sister blockchains – Polkadot and Kusama.
But there’s more to the story, the Polkadot community has suggested updating Polkadot’s Statemint, a parachute asset that provides functionality for asset deployment and transfer – fungible and non-fungible tokens (NFTs). The update will be to v9270.
The increased development activity has caught the attention of some whales as well with DOT being one of the most used smart contracts among the top 4000 BSCs. whales In the last 24 hours of September 12th.
However, the good news doesn’t stop there, Polkadot has also done well on social media. Polkadot’s social mentions have increased by 11.86% and her social interactions have increased by 11.21% since last week.
Although Polkadut has seen some encouraging developments, there are still some concerns. The trading volume decreased significantly in the previous week, falling by about 51.61%.
Polkadot’s market dominance has also taken a hit and has fallen by 9.24% in the last 30 days.
Polkadot price, at press time, has seen a 2.63% increase in the last 24 hours. It was trading at $7.91, up 3.49% in the past seven days.
Although many elements are favorable to Polkadot, readers should exercise caution before engaging in a deal.