Polkadot [DOT] Price Soars 22% on Bullish Sentiment and On-Chain Metrics

• Polkadot’s on-chain performance was positive last week, with the highest number of transfers and staked value recorded on 18 February.
• The network also saw a surge in bullish sentiment and several integrations, such as Zeitgeist’s migration to Polkadot.
• DOT increased by over 22% during the week, indicating encouraging market indicators.

Polkadot’s On-Chain Activity

Last week saw a considerable increase in bullish sentiments around Polkadot [DOT]. On-chain metrics were promising and market indicators remained bullish. The total number of transfers reached over 10.1 million while the staked value exceeded 611.3 million. Moreover, DOT’s social dominance and mentions both increased by over 27%.

Positive Community Sentiments

The community’s sentiments about DOT also remained positive, as its bullish sentiment shot up by over 30%. Several partnerships and integrations occurred over the last week, with the most notable being Zeitgeist’s plans to migrate to Polkadot in March 2023.

On-Chain Performance

A look at Polkadot’s on-chain metrics suggested that the network had a comfortable week. DOT remained in constant demand from the derivatives market as its Binance funding rate was high. DOT’s volume also increased which was positive news as its price went up. The social volume was relatively high reflecting its popularity in the crypto space while development activity was also high, although Aptos [APT] replaced DOT from its position of top blockchain on 19 February 2023.

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Overall Market Performance

    DOT prices increased by more than 22% during the past week which is an indication of encouraging market indicators overall for this cryptocurrency project .