Polkadot NFTs lose popularity, but DOT is immune: Here’s why

  • NFTs from the sub0 Biodiversity Collection were ready to be claimed on Polkadot.
  • DOT was up by more than 3% in the last 24 hours, and indicators looked bullish. 

Polkadot [DOT] has witnessed a drop in its NFT activity over the last week, which raised concerns. However, Polkadot has a few projects in the pipeline – can the network turn things around? 

Read Polkadot’s [DOT] Price Prediction 2023-24

While the NFT ecosystem suffered a blow, DOT’s price action turned in investors’ favor, thanks to the bullish market condition.

Polkadot NFTs are witnessing a decline 

A look at Santiment’s chart revealed that Polkadot’s NFT ecosystem registered a decline in key metrics over the last seven days. As per the chart, DOT’s total NFT Trade Counts plummeted sharply last week.

Moreover, the blockchain’s NFT Trade Volume in USD also went down, which looked concerning. 

Source: Santiment

However, Polkadot has a trick up its sleeve. As per a 29 September tweet, NFTs from the Sub0 Biodiversity Collection, powered by Polkadot and the Sovereign Nature Initiative, were ready to be claimed.

This was the first decoded or sub0 NFT collection to be minted on Polkadot Asset Hub.

The launch of the new NFTs may help the blockchain garner more interest from buyers, which could help improve Polkadot’s key NFT metrics over the days to follow.

DOT also turns bullish

While this happened, DOT’s price action turned bullish, which could be attributed to the overall bullish market. According to CoinMarketCap, DOT was up by more than 3% in the last 24 hours alone.

At the time of writing, DOT was trading at $4.25 with a market capitalization of over $5.2 billion. Thanks to the price uptick, the token’s 1-week price volatility also shot up.

Interestingly, a bullish signal was its trading volume, which registered an uptick along with its price, acting as a support to the price surge. But a few other metrics looked bearish. For instance, despite the price uptick, DOT’s Social Volume declined slightly.

Additionally, its Binance Funding Rate turned red when its price rose, suggesting that investors were reluctant to buy DOT at a higher price.

Source: Santiment

Realistic or not, here’s DOT’s market cap in BTC’s terms 

A look at DOT’s daily chart helped get a better understanding of what to expect from the token in the coming days. Most of the market indicators remained bullish on Polkadot, suggesting a further price pump.

For example, its Chaikin Money Flow (CMF) registered a sharp uptick. Moreover, its Relative Strength Index (RSI) was also well above the neutral mark of 50.

Source: TradingView

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