Polkadot

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<ul>
 <li>DOT appreciated by more than 22% in just seven days&nbsp;</li>
 <li style="font-weight: 400;">Metrics suggested that the price uptrend might continue further&nbsp;</li>
</ul>
<a href="https://ambcrypto.com/search/dot" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polkadot [DOT]</a>, in recent times, has submitted quite a few new proposals that have the potential to change how the blockchain works. One of the most notable ones is Referendum 335. While that happened, the token’s price charts managed to remain green, despite the wider market’s bearish condition.
<h3 id="proposals-and-more-proposals">Proposals and more proposals</h3>
At the moment, Polkadot is in the process of approving several new proposals that can have a larger impact on the blockchain’s future. The first one is Referendum 335. The proposal is aimed at a new auction schedule for Polkadot for 2024, which, as of now, is passing with 98.1% in its favor. The proposal also highlights the option to cancel the remaining auctions.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 THREAD – <a href="https://twitter.com/Polkadot?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@Polkadot</a> <a href="https://twitter.com/hashtag/PolkadotDigest?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#PolkadotDigest</a> 11 Dec 2023<a href="https://twitter.com/hashtag/Polkadot?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Polkadot</a> News
 A new parachain auction has begun today, and Sora is currently in the lead. The Ending Period begins in ~ 40 hours. <a href="https://t.co/OAJWlP6AgZ" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/OAJWlP6AgZ</a>
 — Bill Laboon | Web3 Foundation (@BillLaboon) <a href="https://twitter.com/BillLaboon/status/1734131055345434677?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 11, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Another proposal is Referendum 340, proposing to open an HRMP channel between Asset Hub and Polimec. This proposal was also, at the time of writing, passing with more than 99% of votes in favor.
As per the official proposal, 
<blockquote>
 “Opening a channel between AssetHub and Polimec is crucial as projects looking to fundraise on Polimec will do so in stable coins (USDT or USDC) or other tokens as decided by the project raising funds.”
</blockquote>
<h3 id="b-how-can-these-proposals-affect-dot-b">How can these proposals affect DOT</h3>
These proposals, though they do not have a direct effect on price, play a major role in stirring up market sentiment, which in turn affects a token’s price. Therefore, AMBCrypto took a look at the current market sentiment around Polkadot. 
As per our analysis, despite several proposals being under voting period, <a href="https://ambcrypto.com/polkadots-price-falls-past-7-how-does-this-affect-dots-prediction/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">DOT</a>’s overall popularity dropped last week, as is evident from its decline in social volume. Negative sentiment around the token also rose, with the weighted sentiment registering a sharp drop after spiking on 9 December 2023.&nbsp;
<div id="attachment_358358" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.52.04-12-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358358" decoding="async" class="wp-image-358358 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.52.04-12-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.52.04-12-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.52.04-12-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.52.04-12-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.52.04-12-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.52.04-12-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.52.04-12-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
However, it was interesting to note that though the token’s popularity dropped, its weekly price chart remained in the green. According to <a href="https://coinmarketcap.com/currencies/polkadot-new/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, DOT was up by more than 22% in the last seven days at press time.
At the time of writing, it was trading at $6.89 with a market capitalization of over $8.6 billion. In fact, investors’ interest in trading DOT was high as its volume remained up last week. Demand for DOT in the derivatives market has also been high, which was evident from its green Binance funding rate.
<div id="attachment_358359" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.54.42-12-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358359" decoding="async" class="wp-image-358359 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.54.42-12-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.54.42-12-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.54.42-12-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.54.42-12-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.54.42-12-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.54.42-12-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-11.54.42-12-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
Read <a href="https://ambcrypto.com/predictions/polkadot-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polkadot’s [DOT] Price Prediction</a> 2023-24
AMBCrypto then took a look at other derivatives metrics to better understand what to expect from <a href="https://ambcrypto.com/cardano-vs-polkadot-which-is-the-better-blockchain/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">DOT</a>. 
We found out that while the token’s price surged, its open interest also appreciated. Whenever open interest rises, it increases the chances that the prevailing price trend will continue.
<div id="attachment_358361" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358361" decoding="async" class="wp-image-358361 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT.png" alt="" width="1723" height="417" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT.png 1723w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-300x73.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-1024x248.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-768x186.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-DOT-1536x372.png 1536w" sizes="(max-width: 1723px) 100vw, 1723px"></a>
 Source: Coinglass
</div>

Could Polkadot’s latest referendums have an impact on DOT’s price?

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