DOT In Red Despite Polkadot Increase In Developer Activity

While the rest of the crypto asset blockchain has recorded few added developers, Polkadot has proved to be more vigorous. According to the market intelligence platform, Santiment, Polkadot has seen a surge in developer activity emerging as the leading crypto network with developer activity.

However, despite the positive record, Polkadot’s native token DOT has swam in red in the last 24 hours down by 3%. Notably, DOT has been doing well alongside the rest of the crypto market since the beginning of the year. 

Polkadot Records Green In Developer Activity 

According to Santiment, the Polkadot network is currently the industry’s most active regarding developer commits on GitHub. On February 22, the market intelligence platform reported Polkadot ranks first for notable development activity over the past 30 days. 

To get the accurate amount of developer activity for each blockchain in the industry, Santiment looked into GitHub commits for various crypto networks. GitHub is an internet hosting service platform built for software developers and programmers to submit their respective codes. 

Over the past month, Polkadot and its canary network, Kusama have reportedly recorded 558 commits, a figure relatively high than the rest of the crypto networks’ GitHub commits. Ranking third on the list, Cardano saw a total of 506 commits, according to Santiment. 

The Internet Computer (ICP) came fourth on the list ranking above others such as Decentraland, Ethereum, Cosmos, Status, VegaProtocol, and Filecoin. Blockchains such as Polygon, Solana, and Fantom which are native tokens that have been doing well amid the mini bull run were nowhere to be found on the top 10 crypto asset development activities by Santiment. 

Prior to its latest increase in developer activity, Polkadot has always been attractive to developers given its huge ecosystem filled with multiple sidechains of “parachain projects.” The blockchain is one of the crypto networks in the industry having regulatory compliance which allows them to avoid regulators’ crackdowns. 

DOT Slumps 3% In Last 24 Hours 

Over the past 24 hours, DOT has moved in a bearish trend down by 3% after falling from a 24-high of $7.91 to around $7.11 at the time of writing. The token has also recorded a decline in trading volume over the past 3 days from $835 million as of February 19 to $444 million in the last 24 hours.

Polkadot (DOT/USDT) price chart on TradingView

Furthermore, prior to the slight retracement DOT is currently experiencing, the token has been in an uptrend since the beginning of the year along with other altcoins in the market. DOT has rallied significantly by more than 30% moving from a ranging $4 late last year to trading above $7 as of today. 

Despite its continuous uptrend since the beginning of the year, DOT is still 87% down from its all-time high of $54.98 seen in November 2021. Kusuma (KSM) on the other hand is also way far from its peak of $621 down by over 90%. At the time of writing, KSM is experiencing a bearish move down by 5.6% with a trading price of $4.11. • 2023