- NFTs from the sub0 Biodiversity Collection were ready to be claimed on Polkadot.
- DOT is up over 3% in the last 24 hours and the indicators looked bullish.
Dot [DOT] has witnessed a decline in NFT activity over the past week, raising concerns. However, Polkadot has a few projects in the pipeline: Can the network turn things around?
Read Polka dots [DOT] Price prediction 2023-24
While the NFT ecosystem took a hit, DOT’s price action turned in investors’ favor, thanks to bullish market conditions.
Polkadot NFTs are witnessing a decline
A look at Santiment’s chart revealed that Polkadot’s NFT ecosystem recorded a decline in key metrics over the past seven days. According to the graph, POINTTotal NFT trading numbers fell sharply last week.
Additionally, blockchain NFT trading volume in USD also dropped, which seemed worrying.
Source: Santiment
However, Polkadot has a trick up its sleeve. According to a tweet on September 29, NFTs from the Sub0 Biodiversity Collection, powered by Polkadot and the Sovereign Nature Initiative, were ready to be claimed.
This was the first decrypted or sub0 NFT collection minted on Polkadot Asset Hub.
The launch of the new NFTs could help the blockchain gain more interest from buyers, which could help boost Polkadot’s key NFT metrics in the coming days.
1/ NFTs from the #sub0 Biodiversity collection, powered by Polkadot & @sovereinnatureare ready to be claimed.
⚡️ Whether you joined IRL or online, all attendees received an email with instructions on how to claim.
📩 Check the email you used for registration to claim your NFT. pic.twitter.com/mIjzWFCrZd
— Polkadot (@Polkadot) September 29, 2023
DOT is also turning bullish
As this happened, DOT’s price action turned bullish, which could be attributed to the overall bullish market. According to CoinMarketCapIn the last 24 hours alone, DOT is up more than 3%.
At the time of writing, DOT was trading at $4.25 with a market cap of over $5.2 billion. Thanks to the price increase, the token’s one-week price volatility also skyrocketed.
Interestingly, the trading volume was a bullish signal, which registered an increase along with the price, providing support for the price increase. But a few other metrics looked bearish. Despite the price increase, for example POINT‘s social volume has decreased slightly.
Moreover, the Binance Funding Rate turned red as the price rose, indicating that investors were reluctant to buy DOT at a higher price.
Source: Santiment
Realistic or not, here it is The market cap of DOT in terms of BTC
Take a look at POINT‘s daily chart helped provide a better understanding of what to expect from the token in the coming days. Most market indicators remained bullish on Polkadot, pointing to further price appreciation.
For example, the Chaikin Money Flow (CMF) recorded a sharp increase. Moreover, the Relative Strength Index (RSI) was also well above the neutral limit of 50.
Source: TradingView