- Social activity for the Polkadot network declined materially in the last few days.
- The overall activity on the network also fell.
Polkadot [DOT] has been one of the L1s that has not seen as much growth as its counterparts. One of the reasons for the same would be the declining popularity of Polkadot across social media platforms.
Word on the street
AMBCrypto’s analysis of Santiment’s data revealed that the social volume for Polkadot declined significantly. Moreover, the Weighted Sentiment around DOT fell materially.
Source: Santiment
Nevertheless, Polkadot has been actively collaborating with a media agency to amplify awareness about the network.
eVox, a Media Agency & Content Creator Management firm, has dedicated several months to advancing the Polkadot cause.
Presently, they are aiming to extend this outreach effort to CoinMarketCap.
Source: X
It remains to be seen whether Polkadot’s efforts to improve its popularity can yield positive results in the long run.
Looking at the price
DOT wasn’t doing too well in terms of price movement, either. Since the 1st of April, its price fell by 27.96%. During this period, DOT showcased multiple lower lows and lower his, indicative of a bearish trend.
Moreover, the CMF (Chaikin Money Flow) for DOT had grown slightly, implying that there could an uptick in the money flow for DOT going forward.
However, the RSI had declined to 42, implying that bullish momentum had fallen significantly. DOT would need to retest the $7.598 level a couple more times before it can start its journey upwards.
Source: Trading View
Coming to the state of the protocol, the situation looked quite dire. The number of active users on the Polkadot network declined significantly over the last 30 days.
The revenue generated by the network also declined during this period.
Read Polkadot’s [DOT] Price Prediction 2024-25
These factors suggested that not only was DOT not doing well in terms of its price and social activity, but the overall strength of its ecosystem was also declining.
It could be difficult for DOT to recover if things continue like this.
Source: Token Terminal