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

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

by Melai Briones

NFTs from the sub0 Biodiversity Collection, powered by Polkadot and the Sovereign Nature Initiative, are now available to be claimed on the Polkadot network. This collection marks the first NFT collection to be minted on Polkadot Asset Hub, and it has the potential to generate more interest in the blockchain and improve Polkadot’s key NFT metrics.

Despite a recent decline in Polkadot’s NFT activity, the price of the network’s native token, DOT, has turned bullish. In the last 24 hours, DOT has experienced a price increase of over 3%. At the time of writing, DOT is trading at $4.25 with a market capitalization of over $5.2 billion.

While the price surge is positive, there are also some bearish indicators to consider. For example, DOT’s Social Volume has slightly declined, and its Binance Funding Rate has turned red, suggesting some investor reluctance to buy DOT at a higher price.

Looking at DOT’s daily chart, most market indicators remain bullish, indicating a potential further price increase. The Chaikin Money Flow (CMF) and Relative Strength Index (RSI) are both showing positive signs for DOT’s future.

Overall, the launch of the sub0 Biodiversity Collection NFTs is a positive development for Polkadot and has the potential to attract more buyers to the platform. Additionally, the bullish market conditions are currently favoring DOT’s price action. However, investors should closely monitor the market and consider both bullish and bearish indicators when making investment decisions.

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