Altcoins
DOT prices rise 9.73% in 24 days after weeks of decline.
- DOT price increased by 9.73% in 24 hours after weeks of decline
- The increase came on the back of high whale activity, with large transactions and bets
Polkadot (DOT) large transactions have caught the attention of the crypto community. In fact, according to reports, the altcoin has seen a 33% increase in transactions, despite the low price of DOT. But that’s not all, with Polka dot clock tweet,
“$50,000 DOT (USD 291,500) was transferred from an unknown wallet to an unknown wallet.”
Likewise, DOT has also seen a widespread increase in staking, as whales continue to do so. According to Bitcoin Tones post on X (formerly Twitter), DOT received $2.6 million in staking.
“Polkadot has received $2,600,000 ($14,378,021.96) staked as whales continue to buy $DOT and #stake it.”
Source: X
What determines the activity of whales?
These activities have prompted speculation about what is driving increased investment in DOT. One notable factor driving whale activity and increased DOT staking is speculation surrounding a DOT ETF.
Second Voice Lark, There is positive sentiment in the market due to a potential DOT ETF application by Coinbase.
“Coinbase Plans Polkadot ETF, Signaling Potential Increase in DOT Price and Most Popular Altcoins.”
Prevailing market sentiment
Source: Market Prophecy
AMBCrypto’s analysis of DOT market sentiment indicated that it has been largely positive lately.
To be precise, the crowd sentiment was positive at 0.1325, the z-score was 0.75, and the buzz was 0.83. Simply put, the crowd seemed to be bullish on DOT’s prospects on the price charts.
Price indicators and charts
At the time of writing, DOT was trading at $5.87 after a 9.73% increase in the last 24 hours. Despite the price increase, however, trading volume has fallen by 8.20% over the same period.
Furthermore, polka dots The RSI read 46 after crossing the RSI-based MA at 44 from below, a sign of an uptrend. A rising RSI usually implies that momentum is strengthening, with reduced selling pressure across the board.
Source: Tradingview
Additionally, On Balance Volume has increased over the past 7 days from -$2.7M to $949k at press time. When OBV rises, it means that buying pressure may exceed selling pressure.
This is a bullish signal as a higher OBV often precedes a price increase.
Source: Santiment
Furthermore, according to Santiment, the total supply held by whales has increased from $48 million to $56.3 million in the last 7 days. The growing accumulation of whales shows the confidence of long position holders in the direction and future potential of the altcoin.
Source: Coinglass
Finally, at press time, DOT recorded a negative net inflow of -$124.76k, after negative outflows over a 4-day period.