Despite a weak start to the month, Polkadot (DOT) has regained momentum and is currently trading above $7.00.
Polkadot (DOT) has recovered to trade above the crucial $7.00 mark, despite declining in early April and losing more than 20% over the past month. We’ve seen DOT rise over 8% in the past week, but now the question arises: Can you maintain this position?
Market rises on expectations of Bitcoin halving
After the red recession triggered by the Middle East conflict, cryptocurrency markets overall have regained some of their ground as investors wait for the important Bitcoin halving event. Polkadot (DOT) has followed the overall market trend, with its price falling 20% over the past 30 days, followed by a recovery of over 8% over the past week. The chart below shows that $DOT has fallen over 20% in the past month.
Polkadot (DOT) made significant progress last week, announcing an increase in new users, with wallets reaching 600,000 by the end of March. Polkadot’s surge in wallet addresses has been fueled by innovative parachains like Moonbeam. The network also announced that it was considering a sponsorship deal for the upcoming Paris Olympics. The Polkadot community further announced that it used on-chain community voting to select IndyCar racing driver Conor Daly as its new brand ambassador. Amid announcements of possible deals and successes, DOT was unable to resist a general market downturn triggered by heightened tensions between Iran and Israel.
Global expansion and network upgrades
The latest announcement helped spur a partial recovery for Polkadot last week. On April 19, the Polkadot community offered $8.8 million in sponsorship to the Inter Miami soccer club as the network works to expand its global presence. 70% of the community strongly supported the proposal to feature Polkadot’s branding on Inter Miami’s training kit for the 2024 and 2025 soccer seasons.
Polkadot founder Gavin Wood shared more good news at the Token2049 cryptocurrency conference in Dubai. In a presentation at a popular crypto conference, Wood introduced a Gray Paper outlining Polkadot’s upcoming Join-Accumulate Machine (JAM) upgrades.
According to Wood, JAM is a groundbreaking protocol that combines elements of Polkadot and Ethereum. Wood explained that the JAM upgrade, released 10 years after the Yellow Paper, is a significant step forward in Polkadot’s evolution and will eventually replace the current Relay Chain with a “more modular and minimal design.”
DOT rose 3% following the announcement and is up another 3.28% in the last 24 hours. $DOT is currently trading at $7.11.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.