Data from Dot Insights show that Polkadot’s (DOT) daily new accounts on the network grew nearly 10 times. Meanwhile, the number of active accounts increased four times. Dot Insights is a project that monitors the development of the Polkadot (DOT) and Kusama (KSM) ecosystems. As per the data on Dot Insights, the number of active accounts rose from 1,100 to 4,516, accounting more than a 300% increase.
Both spikes can be partially related to the liquidity leaving centralized exchanges. With the collapse of FTX, one of the largest exchanges in the world, investors are realizing that their tokens are safer in their possession. Many crypto influencers have also begun asking their fans to get their funds off of exchanges, and into cold storage.
Other Polkadot developments
Recently, DOT reached a significant milestone after the token was considered to be software and not security. The announcement was made by the Web3 Foundation.
The Web3 Foundation said that it went through three years of “proactive engagement” with the SEC to make the transition.
Furthermore, the new plan from Polkadot (DOT) to speed up the integration of innovations into its infrastructure and “canary network,” Kusama, was also revealed on September 27, 2022. (KSM).
Although the development regarding the increase in daily accounts and active accounts is on the positive side of things, DOT’s price does not reflect the same. However, to be honest, the general crypto market has taken one of its worst beatings ever. Bitcoin (BTC), the original crypto, reached two-year lows, meaning that the crash wiped out all gains made during last year’s bull run.
Additionally, the global financial markets are not at their best. Inflation reached record numbers, while war has stagnated growth. However, many believe that a turnaround is due sometime in 2024.
At press time, Polkadot (DOT) was trading at $5.93, up by 1.6% in the last 24 hours.