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Binance, the world’s largest cryptocurrency exchange by volume, has often propelled altcoins into the stratosphere with its significant support. Altcoins that have experienced considerable value appreciation have often felt this support very tangibly. A recently announced support could yield a similar outcome for a popular altcoin. So, what’s the crucial detail that crypto investors should be looking out for?
Polkadot and Binance
Despite demonstrating a presence across multiple areas, this diversity has not given Polkadot (DOT) a significant competitive edge. Furthermore, it has also failed to achieve substantial success in its competition against other altcoins in these categories. However, the recent support that Binance exchange has extended to Polkadot’s USDT could help turn the tables for the protocol.
Binance’s support for Polkadot’s USDT has borne positive results for the protocol, reflecting in the latest on-chain metrics. USDT volume on Polkadot’s parachain, Statemint, experienced an impressive surge of 125% in just a day following the news of the Binance integration.
The Future of Polkadot
While Binance’s support is crucial, despite this encouraging development, Polkadot has faced challenges concerning daily activity and revenue. Data sourced from Token Terminal reveal a significant decline of 55% in the daily active users on the Polkadot network over the past 30 days. During the same period, the revenue generated by Polkadot also fell by 24.9%.
The social landscape isn’t favorable for Polkadot either. Social mentions related to Polkadot have decreased by 39.8% over the past month, pointing to a lack of growth and declining social dominance for the protocol. Data from Santiment shows that the weighted sentiment towards the popular altcoin is negative, reflecting increasing skepticism about the future prospects of DOT Coin.
On the other hand, data from Staking Rewards indicates a 4.23% increase in the number of stakers on the Polkadot network over the past month. This could be an early signal of long-term investors taking positions. Many long-term investors are increasing their token quantity through staking, preparing to sell when the bull season hits.
While Polkadot’s native token, DOT, is experiencing a decline in both price and volume, there is encouraging news on the development front. Development activities on the Polkadot network have seen a substantial increase, indicating possible new upgrades and updates on the horizon.
If the general market sentiment turns positive, the support from Binance and stakers shows that DOT Coin could experience a bull run.
