Disclaimer: The CoinMarketCap cryptocurrency community’s price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.
Polkadot (DOT), which ranks among the most energy efficient cryptocurrency projects, has been experiencing slow price movement in recent weeks amid the ongoing bear market.
However, investors in the asset are looking forward to a recovery in value based on factors such as continued network development.
Specifically, the CoinMarketCap crypto community predicts that the DOT will trade at an average price of $ 11.81 by the end of September 2022. The figure represents an increase of approximately 69% from the price of the DOT at the time of publication with the projection based on the votes of 1,231 community members using the “estimate price” function.
DOT price analysis
Despite the bullish sentiment among DOT community members, the monthly chart has mostly remained in the red zone, correlating with the overall cryptocurrency market. At press time, the token was trading at $ 6.98, down nearly 3% in the past 24 hours.
It is worth mentioning that the DOT has attempted to take small gains in recent weeks, but it has not been enough to beat the bears.
Ideally, the 11th ranked cryptocurrency by market capitalization aims to receive a boost from ongoing developments to make the network more efficient.
Furthermore, DOT expects an increase in development activity, which would indicate a growing interest from developers in the blockchain, increasing the credibility of the network.
DOT development activities
In this line, as reported by Finbold on August 23, Polkadot ranked second among crypto projects, with the most development activity in the last 30 days at 400. The network followed Ethereum (ETH), in first place with 401 projects over the same period.
At the same time, the Polkadot team recently announced the deployment of a new chain guard in collaboration with ParityTech. If the chain guard is successful, the Polkadot community will be able to govern without necessarily waiting longer periods for approval from outside parties.
Overall, the rally in investors could indicate that the DOT is experiencing increased interest and momentum. On the flip side, the momentum around the asset doesn’t seem daunted by the recent hack that hit Acala, the decentralized hub of the Polkadot network. The hack was promoted as an urgent vote to suspend operations.
Specifically, Acala is the default stablecoin for the Polkadot and Kusama networks. Through the incident, the hackers managed to steal around 1.3 billion tokens for free.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.