According to a Messari report, the Polkadot (DOT) blockchain protocol made vital progress within the first quarter (Q1) of the 12 months by way of market capitalization, income, and Cross-Consensus Message Format (XCM) exercise, in addition to a report improve in every day energetic addresses.
DOT’s Market Cap Surges 16% QoQ
During This fall 2023, Polkadot’s market capitalization skilled a notable 111% quarter-on-quarter (QoQ) improve, reaching $8.4 billion. Building on this momentum, Q1 2024 witnessed an additional 16% QoQ rise, elevating the circulating market cap to $12.7 billion.
Despite these features, DOT’s market capitalization stays 80% beneath its all-time excessive of $55.5 billion, set on November 8, 2021.
In This fall 2023, Polkadot’s income additionally skyrocketed by 2,880% QoQ, amounting to $2.8 million. Per the report, this surge was primarily attributed to an exponential improve in extrinsics, pushed by the Polkadot Inscriptions.
However, revenue metrics for Q1 2024 declined considerably on a QoQ foundation, with income in USD dropping by 91% to $241,000 and income in DOT lowering by 92% to twenty-eight,800. It is value noting that Polkadot’s income tends to be comparatively decrease in comparison with its rivals because of the community’s structural design.
Polkadot’s XCM exercise continued to indicate development in Q1 2024. Daily XCM transfers surged by 89% QoQ to achieve 2,700, whereas non-asset switch use instances, generally known as “XCM other,” witnessed a 214% QoQ improve, averaging 185 every day transfers.
The whole variety of daily XCM messages grew 94% QoQ to 2,800, demonstrating the community’s dynamic ecosystem. In addition, the variety of energetic XCM channels grew 13% QoQ to a complete of 230.
Polkadot’s Parachain Network Soars To New Heights
Q1 2024 marked a big kick-off to the 12 months for Polkadot’s parachains, with energetic addresses reaching an all-time high of 514,000, representing a considerable 48% QoQ development.
Moonbeam emerged because the main parachain with 217,000 month-to-month energetic addresses, a strong 110% QoQ improve. Nodle adopted carefully with 54,000 month-to-month energetic addresses, doubling from the earlier quarter.
Astar then again, skilled a modest 8% QoQ development to achieve 26,000 energetic addresses, whereas Bifrost Finance grew barely by 2% QoQ to 10,000 addresses. However, Acala skilled a decline, with month-to-month energetic addresses falling to 13,000, down 16% QoQ.
Notably, the Manta Network stood out amongst parachains in Q1 2024, with a big surge in every day energetic addresses, reaching 15,000. According to Messari, this improve was fueled by the profitable launch of the MANTA token TGE and subsequent itemizing on Binance, propelling Manta’s Total Value Locked (TVL) to over $440 million.
Polkadot Price Sees Upside Potential Ahead
In phrases of value motion, Polkadot’s native token DOT has regained bullish momentum following a pointy drop to the $5.8 value mark after reaching a yearly excessive of $11 on March 14.
Currently, DOT has regained the $7.25 stage, up 7% over the previous week. However, DOT’s buying and selling quantity decreased barely by 4.7% in comparison with the earlier buying and selling session, amounting to $320 million over the previous 24 hours, in accordance with CoinGecko data.
If the bullish momentum persists, Polkadot faces its first resistance on the $7.4 zone, which serves because the final threshold earlier than a possible retest of the $8 resistance wall.
On the opposite hand, the $6.4 help flooring has confirmed to achieve success after being examined for 2 consecutive days this week, highlighting its significance as a key stage to look at for the token’s upward motion prospects.
Featured picture from Shuttestock, chart from TradingView.com
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