Blockchain News

Adding DOT to your 2023 Portfolio? You May Want to Read this First

The Polkadot [DOT] network held its most recent community call, which was full of interesting information and the latest news. This included things that happened that gave an idea of what to expect in the next year.

The Acurast oracle announcement was one of the most important things I learned from the Polkadot community call.

This meant that the Polkadot ecosystem would have its own native oracle service, which would allow for price feeds that could be checked and oracles that didn’t need to be trusted.

Polkadot also wants to be more present in the Metaverse. Thanks to the MetaverseNW Pioneer 0.0.13, Polkadot could push for more Metaverse projects in the future.

Not only does a healthy project grow, but it also solves problems. Kintsugi is a network in the Polkadot ecosystem. It recently stopped working because of a problem with its parachain configuration.

But OpenGov, a solution from Kusama, which is Polkadot’s canary network, solved that problem.

The price of DOT, Polkadot’s native cryptocurrency, went down for most of 2022. This was very true since the beginning of December. As of December 19, the price of DOT was $4.57. This was a drop of up to 13% in the last three days.

After its downside, one of the most noticeable things about DOT was that it was still almost oversold. So, there was a good chance that there would be a comeback of bullish demand, which would lead to a relief rally.

The drop in DOT’s price was caused by a drop in its volume over the last few days. The volume of the cryptocurrency, on the other hand, has gone up a little bit in the last 24 hours. This could be a sign that some bullish demand is coming back.

In other places, too, the demand was clear. For example, the derivatives market seemed to have a little more demand for DOT in the last two days. This could have happened because the funding rates for Binance and DYDX went up.

In the last two or three days, DOT’s price hasn’t gone up much. Taking a look at its market capitalization shows that it has dropped by more than $100 million in the last 24 hours, as of the time this article was written. This might have been a sign that the bulls weren’t ready to take over yet.

If DOT keeps going in the same direction as it did on December 19, it could lead to low demand, which could slow the token’s recovery in the first half of this week. In fact, it might keep going down. But its performance after that is still unknown. Still, Polkadot is still building for the future, as the most recent community call showed.


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