Polkadot (DOT) Circulating Market Cap Rockets To $8.3 Billion, Registers Massive 111% Growth
Summary
- Polkadot's market cap grew 111% QoQ to $8.38 billion, outpacing overall crypto market growth of 54%. - Revenue surged 2,880% QoQ to $2.8 million in Q4 2023, mainly due to Polkadot Inscriptions. - Active addresses on the Polkadot Relay Chain increased by 90% QoQ, averaging over 10,000 daily in Q4. - Cross-Chain Message transfers rose by 150% QoQ, reaching 133,000, with 203 active XCM channels by year-end. - Despite network growth, Polkadot's native token DOT has seen price declines, trading at $6.7420 with a 9% YTD gain. - DOT's price drop may lead to further declines to $5.4830 if support at $6.3229 fails, while breaking resistance at $7.0392 could lead to a consolidation phase at its 19-month high of $9.5711.
