Altcoins

What Polkadot’s new staking dashboard means for DOT

The 2022 crypto market crash has, up to now, ensured that nearly each cryptocurrency acquired a deep low cost. And Polkadot is making an effort to make sure that these shopping for the dip can put their DOT to good use.

Polkadot lately revealed the rollout of a brand new crypto staking dashboard that was designed holding user-friendliness in thoughts. The variety of Polkadot nominators surpassed 30,000 shortly after the brand new staking dashboard was unveiled at Polkadot Decoded. This highlighted the extent of demand or curiosity in DOT staking.

The brand new staking characteristic underscore’s Polkadot’s efforts to encourage buyers to stake their DOT particularly if they’re long-term HODLers. Such measures would possibly help a better worth ground for DOT as a result of the extra DOT holders stake, the decrease the promoting strain.

DOT traded at $6.91 after a 0.59% rally within the final 24 hours at press time, however down by 4.67% within the final seven days. It’s at present buying and selling throughout the similar worth vary because it did in the course of the June 2022 lows, therefore highlighting a worth ground or help.

Supply: TradingView

DOT is down by roughly 87% from its historic prime. Its Cash Circulate Index (MFI) signifies important outflows in the previous couple of days. Nevertheless, DOT can doubtlessly bounce again from the present worth ground if market circumstances permit.

Is DOT due for some upside?

Polkadot’s new staking dashboard could not have a right away impression on the value however its contributions could be extra pronounced in the long term. DOT’s worth stays restricted close to its 30-day lows. This aligns with the drop in developer exercise since mid-June, therefore reflecting low investor confidence. Nevertheless, its social dominance metric exhibits elevated exercise because the begin of July.

Supply: Santiment

DOT’s subdued worth motion suggests that there’s some stage of uncertainty. Nevertheless, a few of its on-chain metrics recommend that buyers have been shopping for DOT at its present discounted costs. For instance, the availability held by whales metric registered an uptick from a 30-day low of 43.92% on 1 July to 44.54% on 6 July.

Supply: Santiment

DOT’s quantity metric additionally registered a notable uptick within the first six days of July.

A ‘DOT’ing future

The quantity and provide held by whales uptick affirm that DOT skilled important accumulation in the previous couple of days. Nevertheless, its worth motion stays subdued, suggesting the dearth of sufficient shopping for strain to help a significant uptick.

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