Polkadot: This presents a worrying sign for DOT.

• Social activity on the Polkadot network has decreased significantly over the past few days.
• The overall activity of the network also decreased.

Polkadot (DOT) was one of the L1s that did not grow as much as its competitors. One of the reasons for the same is Polkadot’s declining popularity across social media platforms.

street talk

AMBCrypto’s analysis of Santiment’s data shows that Polkadot’s social scale has decreased significantly. Moreover, Weighted Sentiment centered on DOT fell significantly.

Source: Santiment

Nonetheless, Polkadot has been actively working with media agencies to increase awareness of the network.

eVox, a media agency and content creator management company, has dedicated several months to the development of Polkadot.

Now they aim to expand this outreach to CoinMarketCap.

Source: X

It remains to be seen whether Polkadot’s efforts to increase popularity will produce positive results in the long term.

Looking at the price

DOT also did not perform very well in terms of price movements. Since April 1, prices have fallen 27.96%. During this period, DOT featured several lower lows and lower lows indicating a downward trend.

Additionally, DOT’s CMF (Chaikin Money Flow) increased slightly, suggesting that DOT’s fund flow may rise in the future.

However, RSI fell to 42, suggesting a significant loss of bullish momentum. DOT needs to retest the $7.598 level a few more times before starting its upward journey.

Source: Trading View

Looking at the state of the protocol, the situation looked pretty dire. Over the past 30 days, the number of active users on the Polkadot network has decreased significantly.

Revenues generated by the network also declined during this period.

Read Polkadot (DOT) Price Prediction for 2024-25

These factors suggested that not only was DOT not performing well in terms of prices and social activity, but the overall strength of the ecosystem was also decreasing.

If this continues, DOT’s recovery may be difficult.

Source: Token Terminal