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Polkadot [DOT] launched a brand new DeFi product referred to as vDOT on 13 September. vDot is a yield-bearing DOT spinoff that goals at maximizing DeFi incomes methods within the Polkadot ecosystem. vDOT would be the third member in Polkadot’s DeFi community, following the KSM and the vToken token sequence.
Moreover, it supposedly has the identical options as vToken, with extra core benefits. These embrace multi-scenario staking advantages, and versatile redemption. Nevertheless, has DOT reacted to this information in a means that advantages all?
The metric present
Though Polkadot has been making huge strides within the improvement of recent merchandise, the worth has been on a continuing decline. DOT depreciated by 5.42% within the final seven days.
On the brighter facet, Polkadot noticed an enormous spike in its social media activity. Its social mentions surged by a whopping 50.5% alongside a rise of 20.3% in its social engagements as properly.
Nevertheless, there was a pointy decline in its market cap, as will be seen from the picture beneath. DOT’s circulating market cap has gone down by 17.32% prior to now month.
Supply: Messari
DOT’s quantity has additionally taken a success and has gone down by an alarming 73.33% over the previous week. Moreover, DOT misplaced a lot of its market cap dominance, which dropped by 2.58% because the final week.
Though the on-chain metrics haven’t been displaying a optimistic outlook for DOT, the blockchain has saved including a wholesome quantity of new users on a regular basis.
Supply: Polkadot Insider/Twitter
Nevertheless, this improvement hasn’t had a lot of an impact on the worth of the token. DOT has been buying and selling at $7.12 in the intervening time, with the worth depreciating by 4.62% within the final seven days.
DOT’s worth trajectory
The value has been buying and selling throughout the $0.07 resistance and $0.06 help for the previous two weeks. The help has been examined a number of occasions prior to now few days indicating that there could possibly be a robust motion in both route.
The Relative Power Index (RSI) at 45.96 nevertheless depicted that the momentum is in conjunction with the sellers. The Chaikin Cash Stream (CMF) at 0.01 point out that the cash circulation is just not on the client’s or the vendor’s facet in the intervening time.
Supply: TradingView
Polkadot’s future seems unsure at the moment, therefore readers are urged to look at Polkadot’s updates and different metrics to realize a greater thought of Polkadot’s destiny.
