Polkadot Price Prediction: Will It Soar Amid High Blockchain Activity?

Bittime - The crypto market is experiencing significant price fluctuations. However, amidst this trend, Polkadot blockchain activity actually showed a rapid increase. In fact, for two consecutive months, the Polkadot network recorded its highest record in history in terms of the number of active users.

Significant Increase in Active Polkadot Users

According to data from DotLake, the Polkadot network had approximately 650,000 active on-chain addresses as of the end of April 2024. This figure continues an upward trend that began last March, where the number of active addresses on the Polkadot blockchain surpassed the previous record of 605,000. This milestone marks a new high for the number of monthly active accounts since the launch of the parachain in 2022, signaling a significant increase in activity on the Polkadot network.

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Moonbeam: Key Contributor to Increase in Active Users

The surge in the number of active Polkadot addresses is largely due to Moonbeam. During the reporting period, Polkadot's Ethereum-compatible smart contract parachains accounted for more than 60% of those active addresses, with a total of 397,515 addresses. The community's interest in Moonbeam's compatibility capabilities is reflected in Polkadot Insider data showing the Moonbeam network had the highest user gain among Polkadot parachains in April.

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In contrast to the surge in active users, the number of unique Polkadot addresses with non-zero balances has actually decreased slightly. This figure fell from 6.96 million in March to 6.8 million at the end of April. Additionally, the overall total of transactions on the network also experienced a moderate decline to 11.07 million in April, down slightly from 11.5 million in March.

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DOT Price Sluggish, Analyst: Polkadot Undervalued

The increase in Polkadot's blockchain activity metrics has not yet impacted the price performance of the network's native token, DOT. According to CryptoSlate data, the price of DOT has fallen more than 20% in the last 30 days to $6.9 as of the time of writing this article. This decline reflects the general trend observed in the crypto market during the reporting period, where Bitcoin and other digital assets are struggling to reach the highs set at the beginning of the year.

Responding to this situation, crypto analyst Michaël van de Poppe opined that Polkadot is "highly undervalued" and has a much lower valuation compared to Ethereum. This opinion is based on planned network upgrades through the upcoming JAM Upgrade, which van de Poppe believes can significantly improve network operations.

DOT Price Prediction: Factors to Consider

The contrast between increasing Polkadot blockchain activity and falling DOT prices raises questions about the future of the token. Several factors can influence future DOT price predictions:

• Moonbeam Adoption: If Moonbeam continues to attract new users and projects to the Polkadot ecosystem, this could drive demand for DOT and have a positive impact on its price.
• JAM Upgrade: The anticipated launch of JAM Upgrade could improve the scalability and efficiency of the Polkadot network, making it more attractive to developers and users. This increase in utility has the potential to drive DOT prices higher.
• Overall Crypto Market Conditions: General trends in the crypto market will also influence the price of DOT. If a market recovery occurs, the price of DOT may rise as well.

How to Buy Polkadot (DOT) on Bittime

You can buy and sell Polkadot (DOT) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Polkadot (DOT) is available on Bittime with the market pair DOT/IDR . To be able to buy DOT IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Polkadot (DOT) on Bittime . 

Monitor price chart movements for Polkadot (DOT) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.