Polkadot

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<ul>
 <li>Polkadot’s price surged massively over the last 24 hours as activity soared.</li>
 <li>However, overall sentiment around DOT declined.</li>
</ul>
As the year comes to an end, altcoins have seen a massive surge in interest. <a href="https://ambcrypto.com/search/DOT" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polkadot[DOT]</a> has been one of the altcoins that has amassed huge interest in the last 24 hours.
<h4>Up and up</h4>
During this period, the price of DOT grew by 6.28%. At press time, DOT was trading at $8.05.
One of the reasons for the sudden surge in price for DOT could be attributed to a spike in activity on the Polkadot network.
At press time, the Polkadot relay chain recorded 1 million transactions, marking the highest daily activity in its history and surpassing the previous peak of 941,000 transactions on 5th May, 2021. The increased activity is attributed to inscriptions.
Increased activity indicates growing engagement and utilization of the platform, showcasing its capabilities and attracting attention from users and developers.
This heightened interest may lead to further adoption, ecosystem growth, and increased value for the Polkadot network and its native token.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 1 Million transactions today on the Polkadot relay chain.
 This is the highest activity day on Polkadot in history, topping out the 941,000 transactions on May 5, 2021.
 The activity is due to inscriptions. <a href="https://t.co/BYoMBREbyd" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/BYoMBREbyd</a>
 — asynchronous rob (@rphmeier) <a href="https://twitter.com/rphmeier/status/1737640760114340174?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 21, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Due to this, Polkadot secured the second position among cryptocurrencies in terms of revenue, achieving an impressive growth of over 300%.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 TOP BLOCKCHAINS BY REVENUE RATE IN 7 DAYS
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Witness the economic prowess of the blockchain world
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4b8.png" alt="💸" class="wp-smiley" style="height: 1em; max-height: 1em;"> Delve into the top blockchains by revenue rate in the past 7 days—unveiling the financial leaders shaping the decentralized landscape
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;">In the last 7 days, <a href="https://twitter.com/Polkadot?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@Polkadot</a> placed… <a href="https://t.co/rCt32BygDw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/rCt32BygDw</a>
 — Polkadot Insider (@PolkadotInsider) <a href="https://twitter.com/PolkadotInsider/status/1737340056833315203?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 20, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h4>Looking at other factors</h4>
Moreover, the social volume for DOT grew materially over the last few days. This indicated that Polkadot was gaining massive popularity on the social front.
However, despite the rising price, the weighted sentiment for DOT remained negative. This suggested that the number of negative comments made towards DOT had outnumbered the number of positive ones at the time of writing.
<div id="attachment_360097" style="width: 100%" class="wp-caption alignnone"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-17.54.47-22-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360097" decoding="async" class="size-full wp-image-360097" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-17.54.47-22-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-17.54.47-22-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-17.54.47-22-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-17.54.47-22-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-17.54.47-22-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-17.54.47-22-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polkadot-DOT-17.54.47-22-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
However, new proposals being made around the network may impact the overall state of the network.
Read <a href="https://ambcrypto.com/predictions/polkadot-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">DOT’s Price Prediction</a>&nbsp;2023-24
The Polkadot governance has introduced several impactful <a href="https://ambcrypto.com/could-polkadots-latest-referendums-have-an-impact-on-dots-price/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">proposals</a> that could reshape the blockchain’s functionality. Currently, Polkadot is in the approval phase for various proposals, including Referendum 335.
This proposal focuses on implementing a new auction schedule for Polkadot in 2024 and is currently garnering 98.1% approval.

Polkadot: What a surge in network activity means for DOT prices

AMBCrypto

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