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  • Polkadot (DOT) struggles to break $4 as the asset declines by 6 percent in the last seven days and 1.2 percent in the last 24 hours. 
  • Interestingly, the network activities have shown signs of recovery as metrics indicate a rising confidence of Investors. 

Dot, the native token of the Polkadot blockchain, is currently trading at $3.76 and has fallen by 6 percent in the last seven days. In the last couple of days, sellers have taken control of the market, preventing buyers from sending the price above $4.

According to the current development, sellers may likely lose control over the market as new buyers are expected to open new positions following reports of new community-focused plans. This was disclosed by crypto reporter Colin Wu, stating that the network may deploy $22.08 million and 5 million DOT tokens.

Polkadot development agency Web3 Foundation announced a new plan to deploy US$22.08 million and 5 million DOTs throughout 2024, which will augment the community-governed funding mechanism from the Polkadot Treasury to help projects that will have a meaningful impact on the future.

The importance of the community has been highlighted by the Web3 Foundation. According to them, the purpose of the community is to empower teams and individuals.

We believe that growth should be driven by Polkadot’s strongest team: its community! To help initiatives get off the ground, the program will target to deploy 20M CHF and 5M DOT throughout 2024. It will augment the community-governed funding mechanism from the Polkadot Treasury to help projects that will have a meaningful impact on the future of Polkadot. We will share more details in the coming weeks about the official launch date and how to apply for funding.

More Analysis on Polkadot

In the last 24 hours, Polkadot has fallen by 1.21 percent. Currently, the asset has a market cap of $4,641,612,415 and a 24-hour trading volume of $72,496,649. For now, the asset is 93.13 percent down from its all-time high price of $54.98. 

As of press time, 52 percent of investors had gone for a short position with 48 percent going for a long short. Analysts believe that this is not a good sign for the asset. However, Santiment data shows that the Weighted Sentiment shows a sign of slight recovery.

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According to them, the metric reveals that investors are regaining confidence in the asset even though the current reading is far from the highs of the last three months. The development activity of the asset is also on the rise coupled with the rising social dominance.

Polkadot Insider has also shared a post highlighting the reach of the Polkadot of the project last month. 

TOP 10 PROJECTS RELATED TO PARACHAIN ON POLKADOT BY WEBSITE REACH IN SEPTEMBER. September’s Top 10 projects related to @Polkadot Parachain by Website Reach. The Polkadot ecosystem is buzzing with activity! These parachains are making waves, reaching audiences far and wide. Explore the leaders shaping the decentralized future!

Recently, Polkadot joined hands with Moonbeam and Hydra DX to introduce revolutionary cross-chain integration. The plan was to unlock a new dimension of Interoperability to improve efficiency and versatility. 

 

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