So far, the crypto market crash in 2022 has brought almost every coin down. In response to the current situation, Polkadot is working hard to ensure that dip buyer can use their DOT under profitable circumstances.
As recently revealed, Polkadot has implemented a new crypto staking dashboard designed to be user-friendly. The number of Polkadot nominations exceeded 30,000 shortly after the improvement was announced at Polkadot Decoded. This indicates high demand or interest in DOT staking.
The new staking feature highlights Polkadot’s efforts to incentivize investors to stake DOT, especially if they are long-term HODLers. Such measures can support a higher floor price because the more holders stake, the lower the selling pressure.
At press time, the 11th-ranked altcoin by market cap trades at $7.13 after gaining 3.58% in 24 hours and 4.55% in the past 7 days. It is currently trading in the same price range as it was at the June 2022 low, thus highlighting a price floor or support here.
Compared to the ATH set in November 2021, DOT is now trading 86% lower. The Money Flow Index (MFI) represents a significant outflow of money over the past few days. However, DOT is likely to rebound from the current floor price if market conditions allow.
Polkadot’s new staking dashboard may not have an immediate impact on the price, but it will make a definite contribution in the long run. Looking at the chart, DOT remains constrained near the 30-day low. This is consistent with the developer’s poor performance since mid-June, thus reflecting low investor confidence. However, the social dominance index shows increased activity since the beginning of July.
DOT’s low-price action proves that uncertainty persists. However, some on-chain indicators show that investors have bought at the current low price. For example, the supply held by whales increased from a 30-day low of 43.92% on July 1 to 44.54% on July 6.
The DOT Volume Index also jumped notably in the first 6 days of July.
The increased volume and supply held by whales confirms the significant DOT accumulated over the past few days. However, its price action remains bearish, indicating a lack of enough buying pressure to support major upside momentum.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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