Polkadot (DOT) Price Analysis: Polkadot Trading Downward Despite Record Addresses and New Sponsorship Deal

Polkadot (DOT) Price Analysis: Polkadot Trading Downward Despite Record Addresses and New Sponsorship Deal

Despite a busy and successful week, Polkadot (DOT) records another day of losses. 

Polkadot (DOT) saw one of its busiest weeks, reaching a record 600,000 active addresses and a possible sponsorship deal for the upcoming Paris Olympic Games. Despite its record active addresses and sponsorship possibility, the network is down 3% over the past 24 hours. 

Crypto Market Rebound: Polkadot Price Analysis

After witnessing a significant uptick and registering new all-time highs across the board, most of the crypto market turned sour in anticipation of the next Bitcoin halving.

The crypto market was dealt a significant blow this week after the price of Bitcoin and numerous altcoins saw double-digit declines, with Bitcoin crashing down to a multi-week low at around $61,000. In anticipation of the next Bitcoin halving event, rising tensions between Iran and Israel and the US Fed saying it had no intentions of lowering interest rates anytime soon saw the crypto market plunge. 

Amid the downward motion, Polkadot (DOT) is not immune. DOT saw a considerable decline over the past week and has been trading down by around 3% over the past 24 hours.

DOT’s price appeared to hold relatively more steady over the past day compared to other altcoins, most likely due to the news of a possible historic sponsorship and the network recording 600,000 active addresses.  

Source: CoinMarketCap

At the time of writing, Polkadot (DOT) was trading at $6.68%, down 42% over the past month. 

Network News

Despite its significant downward trajectory, Polkadot (DOT) saw a substantial rise in new users, with wallet addresses surpassing 600,000 in March. The network also reached 5.59 million unique accounts due to Polkadot’s developer-friendly Parachains, such as Moonbeam.

See also  Will He Be Right? Ripple CEO Predicts Crypto Market to Hit $5 Trillion

Polkadot’s governance forum also announced that it is actively considering a proposal to promote the network at the upcoming Paris Olympic Games. The marketing plan will see the network promote itself through a $160,000 bike branding deal. The Olympic games will start on July 26 and continue until August 11, 2024. 

Initially suggested by the self-servicing electric bike rental company Oribiky, the possible marketing will see 100 Polkadot-branded bikes ride around several strategic locations of the Paris games. The Polkadot community also used an on-chain community vote to select IndyCar racing start Conor Daly as the Polkadot brand ambassador for the next Indianapolis 500. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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