Polkadot NFTs lose popularity, but DOT is immune: Here’s why

• NFTs from the sub0 Biodiversity Assortment have been able to be claimed on Polkadot.
• DOT was up by greater than 3% within the final 24 hours, and indicators appeared bullish. 

Polkadot [DOT] has witnessed a drop in its NFT exercise during the last week, which raised issues. Nonetheless, Polkadot has a number of tasks within the pipeline – can the community flip issues round? 

Whereas the NFT ecosystem suffered a blow, DOT’s worth motion turned in traders’ favor, because of the bullish market situation.

Polkadot NFTs are witnessing a decline 

A have a look at Santiment’s chart revealed that Polkadot’s NFT ecosystem registered a decline in key metrics during the last seven days. As per the chart, DOT’s whole NFT Commerce Counts plummeted sharply final week.

Furthermore, the blockchain’s NFT Commerce Quantity in USD additionally went down, which appeared regarding. 

Nonetheless, Polkadot has a trick up its sleeve. As per a 29 September tweet, NFTs from the Sub0 Biodiversity Assortment, powered by Polkadot and the Sovereign Nature Initiative, have been able to be claimed.

This was the primary decoded or sub0 NFT assortment to be minted on Polkadot Asset Hub.

The launch of the brand new NFTs could assist the blockchain garner extra curiosity from patrons, which might assist enhance Polkadot’s key NFT metrics over the times to observe.

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1/ NFTs from the #sub0 Biodiversity Assortment, powered by Polkadot & @sovereignnature, are able to be claimed.

⚡️ Whether or not you joined IRL or on-line, all attendees acquired an electronic mail w/ directions for claiming.

📩 Examine the e-mail you used for registration to say your NFT. pic.twitter.com/mIjzWFCrZd

— Polkadot (@Polkadot) September 29, 2023

DOT additionally turns bullish

Whereas this occurred, DOT’s worth motion turned bullish, which may very well be attributed to the general bullish market. In keeping with CoinMarketCap, DOT was up by greater than 3% within the final 24 hours alone.

On the time of writing, DOT was buying and selling at $4.25 with a market capitalization of over $5.2 billion. Due to the value uptick, the token’s 1-week worth volatility additionally shot up.

Apparently, a bullish sign was its buying and selling quantity, which registered an uptick together with its worth, performing as a help to the value surge. However a number of different metrics appeared bearish. As an example, regardless of the value uptick, DOT’s Social Quantity declined barely.

Moreover, its Binance Funding Charge turned purple when its worth rose, suggesting that traders have been reluctant to purchase DOT at the next worth.

Lifelike or not, right here’s DOT’s market cap in BTC’s phrases 

A have a look at DOT’s day by day chart helped get a greater understanding of what to anticipate from the token within the coming days. Many of the market indicators remained bullish on Polkadot, suggesting an additional worth pump.

For instance, its Chaikin Cash Move (CMF) registered a pointy uptick. Furthermore, its Relative Power Index (RSI) was additionally properly above the impartial mark of fifty.