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A popular cryptocurrency analyst believes that Ethereum (ETH) rival Polkadot (DOT) looks bearish on fundamentals.
In a new YouTube video, the anonymous host of InvestAnswers tells his 444,000 subscribers that Polkadot’s on-chain activity looks dismal despite the positive move in price.
Looking at some data from The Block Cryptos Subscan, we see a 7-day moving average of only 1,100 total new addresses, which is basically the lowest level since December 2020. , this is a long time.
The chain isn’t doing very well when it comes to new user acquisition, and the number of daily active users is also declining as it moves forward. . Let’s see. Again, we are big believers in chain activity. “
This week, the DOT briefly rose from a low of $6.90 on Sept. 1 to a high of $7.64 on Tuesday. The 10th largest crypto asset by market capitalization has fallen to $6.91 at the time of writing, down more than 6.5% in the last 24 hours.
The DOT is down more than 87% from its all-time high of $54.98 set last November.
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Featured Image: Shutterstock/Mia Stendal
