- Polkadot’s eco-friendliness could positively impact sentiment.
- Upcoming developments and a growing number of stakers could also drive interest.
According to recent data provided by PolkadotInsider,Polkadot [DOT] consumed the least amount of electricity compared to other cryptocurrencies in the market. This eco-friendliness could impact Polkadot and the sentiment surrounding the cryptocurrency positively.
POLKADOT – THE ECO-FRIENDLY BLOCKCHAIN
Thanks to CCRI Report 2022, we found @Polkadot was ranked #2, only followed by US Household in terms of the total yearly electricity consumption ?
Let's see more details below ?#Polkadot $DOT #AVAX #ALGO #BTC #ETH #SOL #ADA pic.twitter.com/S5WxxvJSA0
— Polkadot Insider (@PolkadotInsider) January 25, 2023
How many are 1,10,100 DOTs worth today?
The sentiment remains unchanged
However, according to data provided by Santiment, the weighted sentiment around Polkadot remained negative throughout the last month. However, the lack of electricity usage of Polkadot could play a role in changing public sentiment around the cryptocurrency and nudge it in a positive direction.
Source: Santiment
The growing number of social mentions and engagements for Polkadot could also have a positive impact on the cryptocurrency. Over the last week, the number of social mentions grew by 19%. Moreover, engagements for Polkadot grew by 23.9% during the same period.
This could indicate that more people are talking about Polkadot and engaging with the cryptocurrency, which could lead to increased adoption and interest in DOT.
There have also been several upcoming referendums which could affect the network. The new referendums would deal with governance and runtime upgrades, which could make the cryptocurrency more attractive to investors. Additionally, the growing number of stakers on Polkadot, which grewby 5.9% over the last 30 days, could also indicate a positive impact on cryptocurrency.
Source: Staking Rewards
Polkadot sees spike in transfers
Moreover, Polkadot’s daily transfer amount also witnessed a huge spike, according to data provided by SubScan. The number of transfers increased from 9.5 million to 58.4 million over the last week. This could indicate that more people are actively using and transferring their DOT.
Source: SUBSCAN
Realistic or not, here’s DOT’s market cap in BTC’s terms
However, despite these positive developments, the token’s market cap dominance declined over the past month and volatility grew by 2.76%. This could indicate that investor sentiment around Polkadot was uncertain at press time and the crypto currency’s future performance was not guaranteed.
Source: Messari
These recent developments, although positive, may not be enough for Polkadot to see green in the short-term, but it may have a positive impact on the cryptocurrency in the long run.
The price of DOT was $6.18 at the time of writing and it decreased by 5.51% in the last 24 hours, according to CoinMarketCap.
FAQs
According to Bloomberg, Polkadot has the lowest total electricity consumption and carbon emissions of the six leading PoS chains. What's more, Polkadot's innovative Nominated Proof-of-Stake (NPoS) mechanism means that it uses a fraction of the energy that Bitcoin does – highlighting how eco-friendly this project is.
What problem does Polkadot solve? ›
Polkadot's structure aims to solve key blockchain issues like interoperability, scalability and security by allowing different blockchains to transfer data and assets. Through its parallel chains — parachains — which enable numerous transactions simultaneously, the network introduces a new vision with Polkadot 2.0.
Can Polkadot reach 50 again? ›
Polkadot price can reach a maximum of $27.7577 by the end of 2024. DOT price is expected to achieve its $50 mark by the year 2030, with a potential high of $57.194 for the year.
How high can Polkadot go? ›
In 2024, Polkadot's price might go as low as about $4.53, but it could also reach up to around $6.18. On average, people expect it to be near $7.82. The return on investment (ROI) could be around -5.4%.
Is Polkadot ecosystem growing? ›
Polkadot Enhances Decentralization in Ecosystem Growth With the Launch of PolkaPort East in Hong Kong. Web3 Foundation, the entity supporting the growth of the Polkadot ecosystem, has awarded a grant to PolkaPort East.
Can crypto be eco-friendly? ›
New eco-friendly cryptocurrencies on the horizon
Chia and IOTA (mentioned in the table above) are prime examples of this. The farming process for Chia doesn't rely on the heavy processing power of mining and thus consumes less energy than other popular currencies (~ 0.023 KWh per transaction).
Is Polkadot going to survive? ›
Polkadot has underperformed, compared to Ethereum, Bitcoin, and the S&P 500, in recent years. The future of Polkadot hinges on the broader adoption and success of Web3 technologies. The DOT token's performance should rebound if Web3 gains traction among mainstream internet users.
How risky is Polkadot? ›
Two risks are present when staking in Polkadot: slashing and chilling. Slashing will happen if a validator misbehaves (e.g. goes offline, attacks the network, or runs modified software) in the network. They and their nominators will get slashed by losing a percentage of their bonded/staked DOT.
Why Polkadot is the future? ›
Key Points. Polkadot's innovative architecture allows multiple blockchains to communicate efficiently, enhancing overall network functionality. Staking DOT tokens not only secures the network but also rewards contributors with governance rights and financial incentives.
How much will 1 Polkadot be worth in 2030? ›
Polkadot (DOT) Price Prediction 2030
Driven by its technological innovation and adoption, it is projected that the Polkadot coin price could potentially ascend to a maximum value of approximately $60.00. Factoring in market dynamics, the average expected trading price for DOT might hover around $58.50.
In Brief. Polkadot (DOT) is currently trading over 90% below its all-time high; a potential opportunity for investors. To become a millionaire with DOT, one needs to invest in approximately 18,188 DOT tokens, costing around $69,114.
Will Polkadot Skyrocket? ›
Our real-time DOT to USD price update shows the current Polkadot price as $6.46 USD. Our most recent Polkadot price forecast indicates that its value will increase by 12.54% and reach $7.27 by June 11, 2024.
Can a dot hit 1000? ›
It depends on market forces. Bullish predictions put the DOT price slightly above $160 by 2030. As a result, it will take a long time for the price to hit $1,000.
Why will Polkadot be huge? ›
In the long term, Polkadots most significant advantages are its unique blockchain composability and demand drivers for the DOT token.
Can Polkadot reach $100? ›
Yes, the price of Polkadot's DOT can reach $100, and we expect it to do so in the 2030s, with 2040 being the first time it spends a whole year above $100.
Is Polkadot crypto green? ›
A green, energy-efficient protocol
Polkadot is designed to power the web's next big wave of innovation, without the high energy consumption of conventional proof-of-work blockchains.
What is the greenest cryptocurrency? ›
Green Bitcoin – Greenest crypto is more eco-friendly than Bitcoin, sold out presale. Chia (XCH) – Green crypto introduces the Proof-of-Space-and-Time mechanism. Ethereum (ETH) – Best green cryptocurrency for dApp developers. Solana (SOL) – Greenest crypto processes up to 65,000 transactions per second.
Is Polkadot built on rust? ›
Substrate is an SDK that enables programmers to build blockchains and tools for specific applications. Polkadot, a chain connecting several other blockchains, is compatible with blockchains constructed using Substrate. Normally, the substrate is built in Rust and runs on a Polkadot network.
