Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»EXCHANGE NEWS»Polkadot (DOT) has a circulating market cap of $8.3 billion, a massive 111% growth.
EXCHANGE NEWS

Polkadot (DOT) has a circulating market cap of $8.3 billion, a massive 111% growth.

By Crypto FlexsFebruary 2, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Polkadot (DOT) has a circulating market cap of .3 billion, a massive 111% growth.
Share
Facebook Twitter LinkedIn Pinterest Email

Polkadot, a computing platform known for its interoperability and scalability, saw notable growth in key metrics in late 2023, as detailed in a recent report. report To Mesari.

Outpacing Cryptocurrency Market Growth

According to Messari’s findings, Polkadot’s circulating market capitalization reached an impressive $8.38 billion, registering an impressive 111% quarter-on-quarter growth.

This growth surpassed the 54% growth of the overall cryptocurrency market over the same period. Additionally, Polkadot’s year-over-year (YoY) change reached 94%, solidifying its top position. 15 cryptocurrency projects Based on market capitalization.

DOT’s circulating market capitalization reached $11 billion in the fourth quarter of 2023. Source: Messari

In terms of revenue, Polkadot generated $2.8 million in Q4 2023, registering a significant surge of 2,880% QoQ. This surge is primarily due to the significant increase in extrinsic revenue resulting from the introduction of Polkadot. epitaph.

Messari suggests that even excluding the four-day surge in Inscriptions, Polkadot’s revenue would have doubled from the previous quarter. It’s worth noting that Polkadot’s revenue tends to be relatively low compared to its competitors due to Polkadot’s network structural design.

Polkadot has seen a significant increase in active addresses.

Following the launch of OpenGov, an intra-network governance module and framework, in June, Polkadot Relay Chain has seen a surge in account activity, primarily due to increased governance participation.

Because relay chains are important in facilitating governance processes active address On October 24, users claimed DOT tokens that were locked in the first parachain auction held two years ago.

polka dot
DOT’s active addresses surged in the fourth quarter of 2023. Source: Messari

Throughout the fourth quarter, the Polkadot Relay Chain averaged over 10,000 daily active addresses, a 90% increase QoQ. Excluding activity on October 24th related to DOT token claims, the average number of active addresses still increased 70% QoQ to 9,000.

Additionally, cross-chain message (XCM) transfers on the platform increased by 150% QoQ, Best ever 133,000 people. The total number of active XCM channels nearly tripled in 2023, reaching 203 by the end of the year.

According to Electric Capital’s rankings, Polkadot has 800 full-time developers and 2,100 total developers, making it one of the largest cryptocurrency ecosystems by developer participation.

DOT price shows mixed performance

Despite notable growth in key indicators showing network expansion, Polkadot’s price remains low. native tokenDOT did not follow suit and, despite positive developments, experienced long-term decline.

DOT is currently trading at $6.7420, up a slight 0.3% over the last 24 hours and up 9% since the beginning of the year.

However, over the past 14 and 30 days, the token has recorded price declines of 6% and 22%, highlighting the lack of bullish momentum and catalysts that could push DOT to higher levels.

polka dot
The price of DOT fell after hitting a one-month high on the daily chart. Source: DOTUSDT on TradingView.com

It hit a 19-month high of $9.5711 on December 26, but subsequent price declines have put DOT at a critical juncture, potentially erasing the gains of the past year.

If the current level and the nearest support at $6.3229 fail to prevent further price decline, DOT could potentially fall towards the next level at $5.4830. main support On the 1-day chart of the token.

Conversely, if DOT breaks above the upper resistance at $7.0392, the next target would be to face resistance at $7.5332 and another resistance at $8.1631 to break the short-term downtrend structure. This would pave the way for another consolidation phase, hitting a 19-month high.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump’s truth social file for encryption blue chip ETF with SEC

July 8, 2025

Cardano (ADA) -It is not damaged, but there is no fireworks that can be moved yet.

July 2, 2025

Etherrium price behavior is weakened-danger of short-term modifications

June 29, 2025
Add A Comment

Comments are closed.

Recent Posts

Status Unveils First Gasless L2 On Linea With 100% Community Yield Allocation Mechanism

July 9, 2025

Stable for digital recovery and inheritance

July 9, 2025

Ushering In A New Era For Bitcoin DeFi

July 9, 2025

MultiBank Group Announces Early Access Waitlist For Pioneering $MBG Token

July 9, 2025

NEXBRIDGE And NEXPLACE Raise $8M Series A To Launch Integrated Bitcoin Capital Markets Ecosystem

July 9, 2025

Bybit Unveils Bold New Brand Identity With #IMakeIt Campaign — Ushering In A New Era For 70M+ Global Users

July 9, 2025

Find Mining Cloud Mining Helps Steady Asset Appreciation

July 9, 2025

Understanding BTC HEATMAP like Pro

July 9, 2025

Causes, History, And How To Survive

July 8, 2025

Trump’s truth social file for encryption blue chip ETF with SEC

July 8, 2025

G-Knot Appoints Fintech, Crypto Veteran Wes Kaplan As CEO To Launch The First Finger Vein Biometric Wallet

July 8, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Status Unveils First Gasless L2 On Linea With 100% Community Yield Allocation Mechanism

July 9, 2025

Stable for digital recovery and inheritance

July 9, 2025

Ushering In A New Era For Bitcoin DeFi

July 9, 2025
Most Popular

Cryptocurrency company Abra settles with state regulator over mobile app license denial

June 26, 2024

Italy’s Conio partners with Coinbase to offer cryptocurrency to Italian banks

December 14, 2023

OP loses 40% – Here’s Dencun Optimism in Post-Ethereum

April 5, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.