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Daily Active Addresses Hit 514,000 As DOT Price Surges 7%

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According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses.

DOT’s Market Cap Surges 16% QoQ

During Q4 2023, Polkadot’s market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching $8.4 billion. Building on this momentum, Q1 2024 witnessed a further 16% QoQ rise, elevating the circulating market cap to $12.7 billion. 

Despite these gains, DOT’s market capitalization remains 80% below its all-time high of $55.5 billion, set on November 8, 2021. 

Polkadot
DOT’s market cap during Q1. Source: Messari

In Q4 2023, Polkadot’s revenue also skyrocketed by 2,880% QoQ, amounting to $2.8 million. Per the report, this surge was primarily attributed to an exponential increase in extrinsics, driven by the Polkadot Inscriptions. 

However, revenue metrics for Q1 2024 declined significantly on a QoQ basis, with revenue in USD dropping by 91% to $241,000 and revenue in DOT decreasing by 92% to 28,800. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

Polkadot’s XCM activity continued to show growth in Q1 2024. Daily XCM transfers surged by 89% QoQ to reach 2,700, while non-asset transfer use cases, known as “XCM other,” witnessed a 214% QoQ increase, averaging 185 daily transfers. 

The total number of daily XCM messages grew 94% QoQ to 2,800, demonstrating the network’s dynamic ecosystem. In addition, the number of active XCM channels grew 13% QoQ to a total of 230.

Polkadot’s Parachain Network Soars To New Heights

Q1 2024 marked a significant kick-off to the year for Polkadot’s parachains, with active addresses reaching an all-time high of 514,000, representing a substantial 48% QoQ growth. 

Moonbeam emerged as the leading parachain with 217,000 monthly active addresses, a solid 110% QoQ increase. Nodle followed closely with 54,000 monthly active addresses, doubling from the previous quarter. 

Polkadot
Polkadot’s active addresses reached a new record during Q1. Source: Messari

Astar on the other hand, experienced a modest 8% QoQ growth to reach 26,000 active addresses, while Bifrost Finance grew slightly by 2% QoQ to 10,000 addresses. However, Acala experienced a decline, with monthly active addresses falling to 13,000, down 16% QoQ.

Notably, the Manta Network stood out among parachains in Q1 2024, with a significant surge in daily active addresses, reaching 15,000. According to Messari, this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, propelling Manta’s Total Value Locked (TVL) to over $440 million. 

Polkadot Price Sees Upside Potential Ahead

In terms of price action, Polkadot’s native token DOT has regained bullish momentum following a sharp drop to the $5.8 price mark after reaching a yearly high of $11 on March 14. 

Currently, DOT has regained the $7.25 level, up 7% over the past week. However, DOT’s trading volume decreased slightly by 4.7% compared to the previous trading session, amounting to $320 million over the past 24 hours, according to CoinGecko data.

Polkadot
The 1-D chart shows DOT’s price trending upwards. Source: DOTUSD on TradingView.com

If the bullish momentum persists, Polkadot faces its first resistance at the $7.4 zone, which serves as the last threshold before a potential retest of the $8 resistance wall. 

On the other hand, the $6.4 support floor has proven to be successful after being tested for two consecutive days this week, highlighting its significance as a key level to watch for the token’s upward movement prospects.

Featured image from Shuttestock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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FTX Survey Shows Crypto ReInvestment and Possible Bias

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According to a new survey of FTX creditors, 79% plan to reinvest their payments into crypto. More than half of them plan to buy Solana, and meme coins and AI tokens are also popular.

However, a deeper look into the survey’s methodology suggests a strong bias toward Solana enthusiasts. While some participants may have a genuine interest in other assets, their preferences might not reflect the broader sentiment of all FTX creditors.

FTX Creditors are Likely to Reinvest Funds into Crypto

Since the FTX collapse in 2022, the residual fallout has left deep marks on the crypto space. Earlier this month, liquidators announced that creditors would start getting reimbursed on February 18. Although this caused bullish hype beforehand, market hopes sank when investors began acting skittishly.

However, a new survey claims that most FTX creditors will reinvest in crypto:

“79% of FTX creditors plan to reinvest their repayments into cryptocurrencies, with an average of 29% of their repayment funds allocated for this purpose. 62% intend to buy Solana. One-third of FTX creditors plan to allocate their repayments toward meme coins, and 31% of creditors are prioritizing AI-related cryptocurrencies,” its results claim.

On the surface, this FTX survey looks very bullish, especially for Solana. When the reimbursements began, the exchange’s creditors showed a strong propensity to secure their funds immediately.

However, if these results are accurate, it would be a shot in the arm for several assets. Solana, in particular, has suffered a difficult month and could greatly benefit from fresh investors.

Solana Monthly Price Performance. Source: BeInCrypto

Unfortunately, however, this bullish vision may not materialize. In its methodology, the FTX survey acknowledged that “there is a possibility of biases.”

Apparently, creditors were only eligible if at least 10% of their portfolio consisted of Solana or if they held $100 worth of SOL for over a year. In other words, it seems obvious that eligible participants would be interested in Solana.

Even if the FTX survey is biased in this regard, its data may still be useful in other ways. For example, meme coins have had a tough time in February, and the AI crypto market isn’t looking much better.

If some of these Solana enthusiasts spend their reimbursements on these tokens, it could be a lifeline. However, it’s not a good barometer for the broad pool of FTX creditors.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Top AI Coins From This Week: IP, CLANKER, $DOGEAI

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Story (IP), CLANKER, and DOGEAI are the top-performing AI coins of the third week of February 2025. Story has surged 150% in the last seven days, becoming the 7th largest AI cryptocurrency with a market cap of $1.1 billion.

CLANKER is up 130%, gaining traction as a launchpad on the Base chain, while DOGEAI has risen nearly 70% by leveraging the Dogecoin and AI narrative.

Story (IP)

Story has emerged as the clear winner among AI coins and altcoins in general, soaring 150% in the last seven days. Its market cap has reached $1.1 billion, making it the 7th largest AI cryptocurrency, surpassing VIRTUAL and GRASS.

Story operates as a Layer 1 blockchain designed to transform intellectual property into a programmable store of value. The chain aims to enable creators to tokenize their intellectual property, allowing it to be bought, sold, and traded.

Price Analysis for IP.
Price Analysis for IP. Source: TradingView.

If Story (IP) continues its bullish momentum, the token could soon test resistance levels around $6 or even $7. However, after such a massive surge, a pullback is also possible as investors take profits.

If a downtrend emerges, Story has key support at $3.65, and losing this level could lead to a drop toward $2.12 or even $1.36. These levels are crucial in determining whether the current rally is sustainable or just a temporary spike.

tokenbot (CLANKER)

CLANKER has surged 130% in the last seven days, bringing its market cap to $74 million. It also surged in the last 24 hours after Coinbase added it to its listing roadmap. Similar to Pumpfun, CLANKER serves as a launchpad for new coins but is built on the Base chain.

In the last few days, CLANKER has seen a significant boost in activity, with its daily volume skyrocketing from $2.6 million on February 17 to $47 million on February 19.

Additionally, daily traders jumped from 1,200 on February 16 to 5,600 on February 19. However, these numbers are still far from the platform’s peak of 23,400 daily traders recorded on November 26, 2024.

Price Analysis for CLANKER.
Price Analysis for CLANKER. Source: TradingView.

CLANKER’s EMA lines indicate a strong uptrend. If this momentum continues, it could test the resistance at $81.49 soon. Breaking this level could push the price towards $90 or even $105, its highest level since early 2025.

Conversely, if the uptrend loses steam, CLANKER could fall to the support at $61.62. Breaking below this price could lead to a drop to $45.6.

In a stronger downtrend, CLANKER could drop as low as $25.78, highlighting the volatility and potential risks in the current market environment.

DOGEai ($DOGEAI)

$DOGEAI has surged nearly 70% in the last seven days, and its market cap has reached $28 million.

It tries to leverage different narratives, like Dogecoin popularity, the attention DOGE (Department of Government Efficiency) is receiving, and the broader AI coins narrative. This strategic positioning has contributed to its rapid rise, drawing significant attention from traders and investors alike.

$DOGEAI defines itself as “an autonomous AI agent here to uncover waste and inefficiencies in government spending and policy decisions.” It provides bill summaries and insights into government spending.

Price Analysis for $DOGEAI.
Price Analysis for $DOGEAI. Source: TradingView.

Initially launched on Pumpfun, $DOGEAI is now tradable on Raydium, on the Solana chain.

$DOGEAI currently has close support at $0.03, which is crucial to maintaining its upward momentum. If this support is tested and lost, it could drop to $0.018 or even as low as $0.0092.

Conversely, if $DOGEAI continues to attract attention and buying pressure, it could test the resistance at $0.048. Breaking this level could push the price to $0.069.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Onyxcoin (XCN) Technical Indicators Hint at Major Breakout

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Onyxcoin (XCN) has fallen 16% over the past seven days, although it’s up by 52% in the last 30 days. The XCN Relative Strength Index (RSI) is currently at 40.1, indicating mild bearish momentum but not strong enough to signal overselling.

Meanwhile, the Average Directional Index (ADX) has declined to 15.1, suggesting that the downtrend is losing strength and could lead to a period of low momentum. Despite the ongoing bearish trend, the Exponential Moving Average (EMA) lines show a possibility for XCN to challenge key resistance levels and potentially surge by up to 30% before March if bullish momentum picks up.

XCN RSI Has Been Neutral Since February 12

XCN’s Relative Strength Index (RSI) is currently at 40.1 and has remained below 50 for the past 5 days without dropping to the oversold level of 30.

This indicates that XCN has been experiencing mild bearish momentum as it stays under the neutral 50 mark.

However, the fact that it hasn’t touched the 30 levels suggests that selling pressure is not overwhelming, potentially signaling a consolidation phase or a weakening of the bearish trend.

XCN RSI.
XCN RSI. Source: TradingView.

RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100. Typically, an RSI above 70 is considered overbought, indicating that an asset may be due for a correction or pullback.

At the same time, an RSI below 30 is seen as oversold, suggesting a potential buying opportunity as the asset could be undervalued.

With XCN’s RSI at 40.1, it is in a cautious zone where the bearish sentiment exists but isn’t particularly strong. This could mean the price is in a consolidation phase, waiting for a catalyst to determine the next direction.

If buying interest picks up, XCN could move towards the 50 mark, signaling a potential reversal to bullish momentum. Conversely, if it continues to weaken, a drop below 30 would indicate increased selling pressure and a possible continuation of the downtrend.

Onyxcoin ADX Shows the Downtrend Is Easing

Onyxcoin, which is built on Arbitrum, currently has an Average Directional Index (ADX) of 15.1 after reaching a peak of 29.4 just four days ago. Since then, the ADX has been declining steadily, indicating a weakening trend.

The drop below 20 suggests that the downtrend, which has been present over the last few days, is losing momentum.

While Onyxcoin price is still in a downtrend, the declining ADX indicates that the strength of this bearish movement is diminishing, potentially leading to a period of consolidation or a slowdown in selling pressure.

XCN ADX.
XCN ADX. Source: TradingView.

ADX is an indicator used to measure the strength of a trend, regardless of its direction. It ranges from 0 to 100, with values below 20 indicating a weak or non-existent trend and values above 25 suggesting a strong trend, either bullish or bearish.

When ADX is rising, it signals strengthening momentum, whereas a declining ADX suggests weakening trend strength. Onyxcoin’s ADX at 15.1 suggests that the current downtrend is losing power and the market is entering a phase of low momentum.

This could lead to a period of price consolidation or even a potential reversal if buying interest returns. However, as long as the ADX remains below 20, any price movements are likely to be weak and lack significant directional strength.

Can Onyxcoin Surge 30% Before March?

Between January 15 and January 26, the XCN price surged more than 1,300%, making it one of the best-performing altcoins of January. However, its price started to decline after that.

Onyxcoin’s Exponential Moving Average (EMA) lines indicate that the bearish trend is still present, but the downward momentum is not as strong as it was some days ago.

This suggests that selling pressure has eased slightly, though the bears still hold control. If selling pressure persists, XCN could test the support level at $0.017.

XCN Price Analysis.
XCN Price Analysis. Source: TradingView.

A break below this support could open the path for a deeper correction towards the next key support at $0.014.

Conversely, if the bearish momentum fades and a trend reversal occurs, XCN could challenge the close resistance at $0.021. A break above this level would signal a potential shift in market sentiment, leading to a rally towards the next resistance at $0.025.

Should bullish momentum build further, XCN could target $0.0339, representing an upside of nearly 30% from current levels.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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