Polkadot’s position as a decentralized finance (DeFi) platform should offer massive support regardless of the current price dip.
Early morning price actions in the crypto pace encountered massive plummets, with large-cap digital coins Bitcoin (BTC) and Ethereum (ETH) losing momentum within no time, dropping by double-digits in less than one hour.
That translated to an overall market sell-off, and the top DeFi and web3 token, Polkadot (-15%), was not an exception. Meanwhile, the altcoin saw extended downswings, plunging by 9.8% in the last 24 hours.
Polkadot Price Actions
Polkadot followed the broad market trend on Saturday, recording flash crash losses. However, DOT recovered nearly 17% from its lows at this publication. That shows massive investors backing for this DeFi and web3 token.
Polkadot started as Web3 Foundation’s leading project, focusing on an innovative blockchain technology targeted at improved security, scalability, and interoperability. Polkadot remains the top solution for individuals supporting the forthcoming era of a decentralized internet with possibilities of complete integrated DeFi apps built on the infrastructure.
Also read:What for Enthusiasts?
Though the massive fall in the previous sessions, DOT kept its place as the 9th largest coin by market cap, and that has a reason. Market players interested in blockchain technology with an innovative potential to support what the internet might have in the future might enjoy Polkadot’s position at the moment.
As a result, optimistic investors might use the prevailing dip to buy Polkadot. However, the crypto market has proven volatile, and the narrative may not change soon. Nevertheless, Polkadot’s risk-reward appears lucrative at the moment.
Does Crypto Crashes Matter?
Indeed, many assets in the crypto world break price action records each day. However, who earns from the cryptocurrency day-to-day movements. If you are in for success in the crypto space, you may need to position yourself on the money-making side despite the direction a token takes on any day.
The deal is applying various strategies and minimizing risks to increase your returns. Nevertheless, dip-buying has proven a lucrative approach in the cryptocurrency world. However, research and act with caution when interacting with the ever-fluctuation values in the cryptocurrency industry.
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