Polkadot (DOT) Ecosystem Achieves Milestone as Number of Stablecoins on the Network Rise to an All-Time High

This surge reflected investors’ growing confidence in the Polkadot crypto infrastructure, which promises scalability and security.

The Polkadot (DOT) ecosystem has reached a new milestone with the highest number of stablecoins on the network. This surge reflects investors' growing confidence in Polkadot's crypto infrastructure, which prioritizes scalability and security.

The crypto community reacted positively to the news, with some speculating whether this adoption could lead to substantial price growth.

At press time, the DOT price experienced a rise of over 5.93% in the past 24 hours, trading at $6.61. Its market cap reached $10.91 Billion, ranking 18th in the crypto market.

Key Takeaways from Polkadot Stablecoin Metrics

Stablecoin adoption on Polkadot has seen an exponential rise.

As a result, USDT and USDC reached all-time highs, with an Asset Hub value of $114 million.

The Asset Hub facilitates the issuance, maintenance, and transfer of digital assets within the ecosystem.

However, two prominent parachains on Polkadot crypto, Hydraion and Moonbeam, trailed behind in USDC and USDT adoption.

Polkadot's growing preference for stablecoins showcases industry trends in digital assets.

USDC and USDT emerged as the most widely adopted stablecoins due to Polkadot's superior scalability and lower transaction costs.

In addition to the significant increase in stablecoin adoption, Polkadot's development activity showed a notable surge, with a score of 60. This rise in value indicates the network's growing innovation and infrastructure, which could attract more demand and, in turn, remain competitive among market players.

DOT Price Prediction: Is $30 Target Imminent?

The DOT price action indicated a largely volatile trend as it hovers around the 200-day EMA mark. In the last seven days, the Polkadot crypto remained sideways and failed to gather momentum beyond the $8 range.

Amidst the volatile trend, crypto analysts still guided a bullish outlook on DOT crypto. Prominent analyst World Of Charts highlighted that the Polkadot crypto price breached and retested the downward trendline zone.

"It looks attractive, and an upswing toward the $25-$30 level could be seen in the mid-term."

Meanwhile, the price action still reflected a slight bearish bias as the altcoin struggled to sustain above the 100-day EMA mark. The RSI and MACD indicator readings pointed toward a downward trend as the value stayed in the negative region. Also, the Average Directional Index (ADX) was below the 30 threshold, conveying a weaker trend.

Futures Market Data Outlook

In the past 24 hours, the Open Interest (OI) rose over 5.30%, reaching $497 Million, which represented fresh, long additions.

Moreover, the spot market data indicated a significant outflow of over $20 million in the last four days. This significant outflow activity highlighted the withdrawal of assets from exchanges, which could fuel a potential upsurge in the coming days.

However, the exchange's long/short ratio displayed bearish cues, as 59% of short positions were held, while 41% of traders held long positions.

The immediate support zone for the Polkadot crypto stood around the 200-day EMA mark of $6, on the other hand, a break above the $8 mark could change the trend.