Polkadot [DOT] investors should be aware of these updates before pulling out
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Polkadot is experiencing a so-called shock after Mixed Emotions arose online. Despite the network’s recent growth, its development activity has slowed down recently. In fact, according to data analytics platform Santimenti, Polkadot has seen a reverse trend in development activity in recent days.
Polkadot developers were active between July and early September. Unfortunately, the rush has since calmed down, and the network will soon grind to a halt on this front.
Is there anything new here?
Recently, Twitter user (@DonnieBigBags) shared an update on Polkadot’s growing NFT ecosystem. In doing so, the analyst shed light on the growing volume of the Polkadot-based GMR token, which topped 1 million on Raresama.com in just one week.
In just over 515 sales, the two available NFT collections collected this amount. This highlighted Polkadot’s growing popularity in NFT marketplaces as well as its acceptance among users.
🔥🔥🔥https://t.co/o3lxFSGPsp has reached 1,000,000 $GLMR in volume already.
– Donnie 💩 (@DonnieBigBags) 10 September 2022
Now what for DOT?
Despite the aforementioned slowdown, Polkadot has seen whales gather recently. According to WhaleStats updatePolkadot is one of the most used smart contracts among the top 500 BSC tokens.
This is a timely addition for the community whose DOT fell to $6.7 on September 7th. However, the altcoin has recovered quickly after the crypto traded at $7.72 at press time. One of the key factors in this hike is the new update released by Polkadot developers. The Polkadot developers recently released a new web update to change Polkadot Runtime to v9270.
After the update was released, DOT’s price responded and started gaining northward momentum. According to CoinMarketCap, this pressure pushed DOT’s weekly gains to around 7%. Despite the recent price recovery, Polkadot’s charts revealed a worrying pattern in its trading volume.
In August, the network was often able to record more than 600 million daily volumes. On the contrary, in September the trend has recently reversed. In the last 24 hours alone, Polkadot has dropped 43% in volume.