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The Polkadot price jumped 13% in the last 24 hours to trade at $8.35 as of 12 a.m. EST, as trading volume surged 186% to reach $1.1 billion.
Polkadot (DOT) has experienced an unprecedented surge in transactions, marking a significant event for the protocol. On-chain data indicates that daily transactions on Polkadot have surpassed the $1.1 billion threshold, setting a new historical high for the Layer-1 blockchain network.
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. pic.twitter.com/BYoMBREbyd
— asynchronous rob (@rphmeier) December 21, 2023
Before this increase, the highest transaction volume recorded on Polkadot was on May 5, 2021, when it hit $941 million, driven by the network’s natural growth and adoption.
The recent spike is largely attributed to the adoption of ordinals, which originated on the Bitcoin blockchain earlier this year.
Ordinals are a method for embedding digital collections into small segments of the blockchain, and their introduction has boosted transaction counts and miner revenues on Bitcoin.
Now, Ordinals is expanding their reach to other leading Layer-1 blockchains, including Litecoin (LTC), further influencing transaction volumes and dynamics.
The Polkadot Price: DOT Rebounds On $6.56 Support
The Polkadot price has been on a sustained upward trend despite facing resistance at the $7.66 level. A bullish movement initiated from the support zone at $3.62, successfully surpassing the resistance point at $5.88.
However, the price stabilized in the vicinity of the $6.56 support level, empowering the bulls to push the price in an upward trajectory, leading to the successful reclamation and surpassing of the $7.66 mark and establishing a new high.
The DOT price is currently trading above both the 200-day and 50-day simple moving averages, reinforcing the bullish momentum with the crossover at $4.79.
The Relative Strength Index (RSI) reflects a rebound around the 50 midline level to 67, signaling an overall bullish sentiment and indicating intense buying pressure in the market.
The Polkadot Price Prediction: Bulls Seek New High In 2023
The Polkadot price is currently following a bullish trajectory, with bulls aiming to achieve new highs in 2023. If the sustained bullish momentum persists, there is potential for the price to reach levels at $9.76 and $11.16, indicating a possible increase of 52% to 65% from the current price.
However, if bears intervene, a corrective phase could occur, potentially triggering a retracement towards the 6.56 support zone.
While Polkadot hints at a potential further increase in its value, investors are turning their attention to SPONGE V2, a meme coin that has already experienced a 100X surge in its earlier version.
With the launch of its second version, experts say SPONGE is poised to potentially repeat the 100X feat again, outpacing the prospects offered by Polkadot.
SpongeV2 Bridging, Less Than 1 Hour Left, Buy Fast
Unlock the potential for easy 100X gains with Sponge V2 (SPONGE), the meme coin that experts are buzzing about. With a proven track record, Sponge V1 witnessed an impressive surge of over 2,000%, and now, Sponge V2 is here to do it again.
⏰ #Sponge V1's journey was epic, and V2's will be even more so!
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Visit our website for more info. ⚡️$SPONGE #SpongeV2 #Web3 #Alts pic.twitter.com/mpjtrQM2rS
— $SPONGE (@spongeoneth) December 21, 2023
The Sponge V2 team is on a mission to redefine possibilities by introducing a play-to-earn (P2E) game, giving players the opportunity to compete and earn Sponge V2 tokens. Whether you prefer the free or premium versions, the game’s versatility broadens its appeal.
Sponge V2 is bringing exciting utility to the new token through our #P2E game! 🔥🧽
Users will be able to earn #SpongeV2 tokens by playing the game and ranking on the leaderboard.
Don't miss out. 😎$SPONGE #Presale #Altcoins pic.twitter.com/5tHsKwwlhP
— $SPONGE (@spongeoneth) December 21, 2023
Last Chance, Stake $SPONGE, Enjoy An APY Of 1,057%
You can seize the opportunity to stake your tokens on the Sponge website. Both new and existing holders can purchase and stake Sponge V1 tokens. Currently, 1.5 billion SPONGE are already staked.
Remember, the more you buy and the longer you stake, the greater your accumulation of Sponge V2, which you can claim in due course. This strategic approach not only rewards early and long-term holders but also fuels the growth and rewards within the Sponge ecosystem.
Claybro, a cryptocurrency expert on YouTube, recently reviewed Sponge V2 and provided insights into what it entails. He says that Sponge V2 is gearing up for a massive surge in 2024.
To participate, buy, and stake SPONGE now by visiting the official Sponge.vip website. Connect your Web3 wallet to swap your ETH or USDT.
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