Journalist
Posted:
- PolkaWorld said there were problems with financial management under OpenGov.
- DOT is up over 3% in the last 24 hours and some numbers have been bullish.
Polka dots [DOT] Polkaworld, a community of blockchain enthusiasts in China, recently hit a roadblock. The community had previously submitted a proposal asking for community activities to be covered between September and November 2022. However, the proposal was rejected.
Read Polka dots [DOT] Price prediction 2023-24
PolkaWorld’s proposal is rejected
PolkaWorld, the largest Chinese community in Polkadot, announced that it would soon cease operations. The community has been at a standstill for half a month due to the rejection of its proposal to apply for official funding.
The original proposal was introduced in August but was later rejected as the majority of voters voted against it. PolkaWorld also mentioned that there were issues with financial management under OpenGov, with many people being rejected and leaving the Polkadot ecosystem.
🫥 It is very sad to say that PolkaWorld’s proposal has been rejected and that we have been at a standstill for half a month now. This is the first time we’ve had to take a break in the four years and three months since we started in 2019. All these changes took place after @Dot initiated… https://t.co/KxqhCRKTXC
— PolkaWorld (@polkaworld_org) September 15, 2023
The tweet also mentioned that if OpenGov is aiding in the loss of talented teams, they may be making a mistake. The community interviewed some POINT holders who believe that applicants who convert treasury funds into cash are harmful to them, and therefore they tend to vote against all proposals.
Therefore, PolkaWorld will update its proposal in the future based on suggestions from the community.
However, it is pertinent to note that the PolkaWorld incident had no negative impact on DOT’s social front. This was evident from Santiment’s graph, which showed that DOT’s social dominance was high. Moreover, weighted sentiment also remained on the positive side.
Source: Santiment
DOT increases the pace
While the aforementioned episode was taking place, DOT picked up the pace as the price action turned bullish. According to CoinMarketCap, the price of DOT has increased by more than 3% in the last 24 hours. At the time of writing, it was trading at $4.20 with a market cap of over $5.1 billion.
The good news was that POINT‘s price increase was accompanied by an increase in daily trading volume. The Open Interest also registered an increase over the past 24 hours.
Realistic or not, here it is The market cap of DOT in terms of BTC
When Open Interest increases, it usually means new money is entering the market for that option, meaning the possibility of a continued uptrend is high.
However, the token’s one-week price volatility declined slightly, which could pose a limitation DOTs price will not increase further. It was interesting to note that Polkadot, famous for its development activities, recorded a decline in that metric over the past seven days.
Source: Santiment