Polkadot price tests resistance as DAO caps DOT supply
The post Polkadot price tests resistance as DAO caps DOT supply appeared on BitcoinEthereumNews.com. Polkadot’s price is pressing against a key resistance zone as the network’s DAO approved a landmark proposal to cap DOT supply at 2.1 billion. Summary Polkadot DAO approved Referendum 1710, capping DOT supply at 2.1B. DOT trades at $4.37, up 8% in a week but near key resistance at $4.50. Derivatives volumes have cooled, signaling reduced speculative activity. At the time of writing, Polkadot was down 0.7% over the previous day, trading at $4.37. Despite the dip, DOT has gained 8% over the past week and 11% in the last 30 days, though it remains 92% below its 2021 all-time high. Polkadot’s (DOT) trading volume over the past 24 hours is $235.3 million, which represents a 51.5% decrease from the day before and indicates a slowdown in market activity. Coinglass data shows that open interest dropped 2.35% to $605 million, while derivatives volume dropped 43% to $446.5 million. This indicates that although overall interest in DOT futures is still high, traders are lowering speculative positions in response to recent volatility. A new chapter for DOT supply In a major governance milestone, the Polkadot DAO approved Referendum 1710 on Sept. 14, with 81% voting in favor of introducing a hard supply cap of 2.1 billion DOT.
The post Polkadot price tests resistance as DAO caps DOT supply appeared on BitcoinEthereumNews.com.
Polkadot’s price is pressing against a key resistance zone as the network’s DAO approved a landmark proposal to cap DOT supply at 2.1 billion. Summary Polkadot DAO approved Referendum 1710, capping DOT supply at 2.1B. DOT trades at $4.37, up 8% in a week but near key resistance at $4.50. Derivatives volumes have cooled, signaling reduced speculative activity. At the time of writing, Polkadot was down 0.7% over the previous day, trading at $4.37. Despite the dip, DOT has gained 8% over the past week and 11% in the last 30 days, though it remains 92% below its 2021 all-time high. Polkadot’s (DOT) trading volume over the past 24 hours is $235.3 million, which represents a 51.5% decrease from the day before and indicates a slowdown in market activity. Coinglass data shows that open interest dropped 2.35% to $605 million, while derivatives volume dropped 43% to $446.5 million. This indicates that although overall interest in DOT futures is still high, traders are lowering speculative positions in response to recent volatility. A new chapter for DOT supply In a major governance milestone, the Polkadot DAO approved Referendum 1710 on Sept. 14, with 81% voting in favor of introducing a hard supply cap of 2.1 billion DOT.
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