Polkadot [DOT] maintains its lead in this key metric, will investors benefit?

5 May 2023

in HBAR

Reading Time: 9 mins read

Polkadot’s development activity remained high over the last 30 days.
A few on-chain metrics and market indicators were bullish on DOT.

Polkadot [DOT] maintained its streak of dominating other blockchains in terms of development activity. As per Santiment’s latest tweet, Polkadot ranked one on the list of the blockchains with the highest GitHub commits in the last 30 days, surpassing Cardano [ADA] and Cosmos [ATOM].

🧑‍💻 Top #crypto development activity, notable #github commits tracked by @santimentfeed, past 30 days:

1 @polkadot $DOT
2 @kusamanetwork $KSM
3 @Cardano $ADA
4 @hedera $HBAR
5 @dfinity $ICP
6 @cosmos $ATOM
7 @ethstatus $SNT
8 @decentraland $MANA
9 @ethereum $ETH
10 @iota $MIOTA pic.twitter.com/A6ZtMGROaA

— Santiment (@santimentfeed) May 5, 2023

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The sentiments around DOT also improved considerably over the last seven days, which looked good as DOT’s price suffered a blow. The crypto community’s sentiment around DOT might see an uptick soon as Polkadot made a major announcement.

Source: Santiment

Polkadot’s latest partnership

Polkadot struck a partnership deal with auditing giant Deloitte, which in itself is a news of great importance. As per the official announcement, Deloitte chose KILT, a Polkadot’s parachain, to enhance its identity protocols.

1/ @DeloitteCH – the world’s biggest accounting firm – is the latest major enterprise partner to come to the Polkadot ecosystem, choosing cutting-edge tech provided by the @Kiltprotocol parachain to enhance its identity protocols. pic.twitter.com/nkqr0i1s0I

— Polkadot (@Polkadot) May 4, 2023

With this partnership, Deloitte will leverage KILT’s reusable digital identity credentials to support its Know Your Customer/Know Your Business processes.

DOT mentioned in the Twitter thread that KILT’s technology will eliminate existing inefficiencies around KYC/KYB processes that can put consumer data privacy at risk. It will also address regulatory compliance for banking and DeFi, age verification for e-commerce, private logins, and fundraising.

DOT was slow to respond

However, things were slow to reflect on Polkadot’s price chart as its value increased marginally in the last 24 hours. According to CoinMarketCap, DOT’s price was still over 1.7% lower than last week.

At the time of writing, it was trading at $5.77 with a market capitalization of more than $6.8 billion. Santiment’s chart revealed that DOT’s 1-day price volatility declined, which further decreased the chances of a price uptick.

Source: Santiment

However, Lunarcrush’s data pointed out that bullish sentiment around DOT increased by over 11% in the last 24 hours, which was a positive signal. Additionally, Polkadot’s funding rates were relatively high, suggesting high demand in the derivatives market.

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The daily chart shows signs of recovery

Polkadot’s daily chart nonetheless, gave hope for a price uptrend as a few of the market indicators were in the bulls’ favor. For instance, the Relative Strength Index (RSI) registered an uptick. DOT’s Money Flow Index (MFI) also followed the same route, which looked bullish.

However, nothing can be said with certainty as the Exponential Moving Average (EMA) Ribbon’s finding was bearish. As per the chart, the distance between the 20-day EMA and the 55-day EMA was increasing, indicating a bearish upper hand in the market.