Crypto community predicts 70% upside for Polkadot by September 30, 2022
Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based solely on the votes of users. Estimates do not guarantee end of month prices.
Polkadot (DOT), which ranks among the most energy-efficient cryptocurrency projects, has seen weak price movement in recent weeks amid the ongoing bear market.
However, investors in the asset are looking forward to a resurgence in value based on factors such as continued network development.
In particular, CoinMarketCap predicts the crypto community that DOT will trade at an average price of $11.81 by the end of September 2022. The figure represents growth of around 69% from DOT’s price at the time of publication with estimates based on votes of 1,231 community members using the ‘price estimate’ feature.
DOT price analysis
Despite the bullish sentiment among members of the DOT community, the monthly chart has mostly stayed in the red zone, in line with the overall crypto market. At press time, the token was trading at $6.98, down nearly 3% in the past 24 hours.
It’s worth mentioning that the DOT has tried to make minor gains in recent weeks, but it wasn’t enough to beat the bears.
Ideally, the 11th-ranked cryptocurrency by market capitalization is dependent on receiving a boost from ongoing development to make the network more efficient.
Furthermore, the DOT expects an increase in development activity, indicating growing interest from developers in the blockchain, which increases the credibility of the network.
DOT development activity
Along these lines, as reported by Finbold on August 23, Polkadot ranked in second position among crypto projects, with the most development activity in the last 30 days at 400. The network followed Ethereum (ETH), ranked at the top with 401 projects over the same period.
At the same time, the Polkadot team has recently announced the deployment of a new parachain in collaboration with ParityTech. If the parachain proves successful, the Polkadot community will be able to govern without necessarily waiting for extended periods of time for approval from external parties.
Overall, bullishness from investors may indicate that DOT is undergoing increased interest and momentum. On the flip side, the momentum around the asset doesn’t seem deterred recent hack that affected Acala, the decentralized hub of the Polkadot network. The hack was promoted as having passed an emergency vote to pause operations.
In particular, Acala is the default stablecoin for the Polkadot and Kusama networks. Through the incident, hackers managed to steal around 1.3 billion tokens for free.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
