Polkadot [DOT] fees and staking decline – will these updates reverse the course

ambcrypto.com:

Polkadot [DOT] has been failing to make investors happy with its price action. DOT was most likely in this situation because of the bearish market, which restricted most assets to register greens. According to CoinMarketCap, DOT’s price has declined by 7% in the last seven days. At press time, it was trading at $5.99 with a market capitalization of more than $7 billion. 

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LunarCrush’s data revealed that bullish sentiments plummeted sharply last week and DOT’s altrank increased, suggesting bearish momentum.

Source: LunarCrush

The network’s activity also took a blow over the past few weeks. Fees on the Polkadot ecosystem have slightly declined, which suggested less usage of the network. The price decline also affected DOT’s staking negatively, as it fell from over $632 million to $609 million.

Source: Stakingrewards

However, it was interesting to note that despite the price drop, DOT’s network value registered a slight uptick. As per DeFiLlama, DOT’s TVL increased by 1.7% over the last 24 hours. However, it was no surprise, considering the network’s past, that DOT ranked first on the list of blockchains in terms of development activity.