The growth in developer activity on Polkadot was primarily attributable to two events: the implementation of a new network upgrade to modify the Polkadot Runtime to v9270 on 7 September and the launch of a new DeFi product referred to as vDOT on 13 September.
Having DOT pays off
According to data from CoinMarketCap, Polkadot’s native cryptocurrency, DOT commenced the trading month at an index price of $7.03.
After initially trading at a low of $6.82 on 7 September, the support received by buyers in the market pushed the price to a high of $7.99 by 12 September.
As buying pressure waned, the price of the asset declined. This decline in buying pressure caused the asset’s Relative Strength Index (RSI), Chaikin Money Flow (CMF), and Money Flow Index (MFI) to breach their respective neutral positions in downtrends by 12 September.
At press time, the RSI was positioned below the 50 region at 42. DOT’s CMF was spotted at -0.11, showing an imminent surge in selling pressure for the cryptocurrency. The MFI was pegged at 49 as of this writing, attempting another cross-over above the neutral line.
A decline a day keeps the bulls at bay
DOT saw a decline in its circulating market capitalization in the period under review. According to data from Messari, DOT started the month with a circulating market capitalization of $8.07 billion.
Pegged at $7.44 billion at press time, DOT’s circulating market cap had declined by 4% in the last 30 days.
Within the 30-day period under review, the price of the #11 largest cryptocurrency had fallen by 9%, as per data from CoinMarketCap.
Furthermore, the total percentage of DOT’s supply held by whales with over $5 million worth of DOT fell gradually within the period under review. Standing at 42% at press time, data from Santiment revealed that this had dropped by 1.16% in September.
Additionally, the significant level of uncertainty that engulfed the general cryptocurrency market also contributed to DOT’s performance.
DOT whales gradually reduced their holdings total supply in the past 90 days, data from Santiment showed.
For those looking to trade against the market, weighted sentiment on a 30-day moving average stood at -0.16 at press time.