The post Polkadot: Can soaring revenue impact DOT price predictions? appeared on BitcoinEthereumNews.com.

Journalist Posted: December 21, 2023 DOT was up by nearly 5% in the last 24 hours, along with a rise in volume. Social metrics remained high, but a few indicators turned bearish. Polakdot [DOT] recently witnessed a major hike in its revenue, which meant that the blockchain’s usage increased. Interestingly, Avalanche [AVAX] also registered a similar increase not long ago, after which the token’s price skyrocketed. Will DOT follow a similar trend?  Polkadot’s captured value is rising Polkadot Insider posted a tweet on 20th December highlighting the fact that Polkadot ranked second on the list of blockchains with highest revenue rate in the last seven days. Kusama [KSM], Polygon [MATIC], and Solana [SOL] also made it to the top 5. While DOT sat in the second spot, AVAX took the top position on the list. A hike in revenue also means that there must have been a rise in network’s fees. AMBCrypto reported previously that AVAX witnessed a surge in its generated fees, as the value touched $3.5 million. Soon after that, AVAX became one of the only top coins that registered double-digit gains as its price rallied by over 30% at the time. Therefore, AMBCrypto checked Polkadot’s status to see whether it was also following a similar trend. Our analysis of Token Terminal’s data revealed that DOT’s revenue and fees spiked sharply on 16th December. Source: Token Terminal DOT’s price is rising Like AVAX, DOT’s value also registered an uptick. According to CoinMarketCap, DOT was up by more than 5% in the last 24 hours alone. At the time of writing, Polkadot was trading at $7.16 with a market capitalization of over $9.3 billion. The token’s trading volume also surged along with its value, which was bullish. Sentiment around the token remained broadly positive as its weighted sentiment spiked…

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Filed under: News - @ December 21, 2023 10:20 am