Polkadot’s Price Bounces Back: +2% Gain Amidst Ecosystem Evolution

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Polkadot (DOT) is experiencing a modest 2% price recovery as significant changes unfold within its ecosystem. These fundamental transformations potentially impact the protocol’s future outlook significantly.

According to the data from CoinMarketcap, DOT is currently trading at $5.42, with a 1.58% gain in the weekly chart, while marketcap is also facing a slight increase. Over the past few days, the token has witnessed a steady resurgence. 

DOT 1D graph coinmarketcap 1
Source: CoinMarketcap

Displaying exceptional resilience, the token has emerged from its slumber, bouncing back from a low point of $5.1607 to reach an impressive daily high of $5.4617.

Whereas, as per the digitalCoinPrice site, all technical indicators are pointing towards a bearish sentiment for Polkadot. The Fear & Greed Index is currently reading 21.56, indicating extreme fear among investors. 

It comes as all technical analysis indicators suggest both bullish and bearish signals, painting a picture of uncertainty in Polkadot’s price predictions.

Over the past 30 days, Polkadot has experienced a significant decline of -14.09%. While a slight recovery is anticipated in the coming month. By the end of May, there is expected to be a remarkable increase of 114.43%, pushing the value of Polkadot close to $11.63.

Polkadot: Upgrades, Swaps, And Referenda Galore

The renowned Web3.0 educator Bill Laboon has brought attention to the ongoing Polkadot News Referendum 121 in a recent tweet thread. The highly anticipated Polkadot News Referendum 121 has been put up for a crucial vote. 

This proposal aims to elevate the relay chain to runtime 9420, a significant upgrade from the existing 9370 version. The most striking feature of this upgrade is the introduction of Polkadot OpenGov, which fosters a more democratic and transparent on-chain governance system by eliminating the Council and Technical Committee. 

Notably, this change will coexist with the traditional Gov1 processes until another governance decision overrides it. In another noteworthy development, Referendum 119, originating from the Council, is gaining traction. 

This proposal advocates for a parachain lease swap between two distinct parachain IDs controlled by Acala. With 53% of the votes currently in favor and 24 days remaining for the vote, its passage seems increasingly likely.

However, Referendum 117 faces an uphill battle, aiming to force a transfer back to the Treasury from a prior Treasury Proposal. With 76% in favor but only 9 days left to vote, it requires a supermajority to pass.

Meanwhile, Referendum 118 is making headway with its proposal to gradually increase the ideal number of validators in the active set to 400. At present, it boasts 81% in favor and still has 19 days for voting.

Lastly, Referendum 120 is unanimously on track to pass, as it suggests upgrading the Collectives parachain runtime to v9420, enabling the incorporation of the Fellowship within this parachain. The voting period for this proposal spans 11 more days.

However, the Polkadot community now finds itself with an extensive slate of 17 Referenda under consideration on the Kusama OpenGov platform. 

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