Spotted [DOT] launched a new DeFi product called vDOT September 13. vDot is a yielding DOT derivative that aims to maximize DeFi earning strategies in the Polkadot ecosystem. vDOT will be the third member of Polkadot’s DeFi network, following the KSM and the vToken series of tokens.
Additionally, it supposedly has the same functionality as vToken, with more basic benefits. These include multi-scenario staking benefits and flexible repayment. However, has the DOT reacted to this news in a way that benefits everyone?
The metric show
Although Polkadot has made great strides in new product development, the price has kept falling. The DOT has depreciated 5.42% over the past seven days.
On the bright side, Polkadot saw a massive spike in its social media activity. His social mentions jumped 50.5% alongside a 20.3% increase in his social engagements.
However, there has been a sharp drop in its market capitalization, as seen in the image below. DOT’s outstanding market capitalization has fallen 17.32% over the past month.
DOT volume also took a hit and fell an alarming 73.33% over the past week. Additionally, DOT has lost much of its dominance over market capitalization, which has fallen 2.58% since last week.
Although on-chain metrics did not show a positive outlook for DOT, blockchain continued to add a fair amount of new users every day.
However, this development did not have much effect on the price of the token. DOT is currently trading at $7.12, with the price depreciating 4.62% over the past seven days.
DOT Price Trajectory
The price has been trading between the $0.07 resistance and the $0.06 support for the past two weeks. Support has been tested several times over the past few days, indicating that there could be strong movement in either direction.
The Relative Strength Index (RSI) at 45.96 however showed that the momentum is on the selling side. The Chaikin Money Flow (CMF) at 0.01 indicates that the money flow is not on the buyer or seller side at the moment.
The future of Polkadot looks uncertain right now, so readers are encouraged to consider the future of Polkadot. updates and other parameters to get a better idea of Polkadot’s fate.