Polkadot (DOT) Whales Activity Skyrockets as DOT ETF Speculation Heats Up

Polkadot's (DOT) large transactions have captured the attention of the crypto community. In fact, according to reports, the altcoin has seen a 33%

DOT price soared over the last 24 hrs despite lower trading volumes and a price drop. However, large transactions are on the rise, with one transaction valued at $50,000. Additionally, DOT staking has seen a surge, with $2.6M being added.

Key Points:

A large transaction of $50,000 in DOT was observed moving between unknown wallets.

DOT staking also recorded a significant hike, with $2.6 million being added.

DOT’s price rose by 9.73%, reaching $5.87, despite a decrease in trading volume.

According to Polkadot Watch, a large transaction of 50,000 Polkadot (DOT) was observed moving between unknown wallets on 22 February 2024. The transaction, valued at $291,500, occurred at block height 4,292,866.

“50,000 $DOT ($291,500 USD) was transferred from unknown wallet to unknown wallet.”

DOT price analysis reveals a 33% hike in large transactions, despite low price

This large transaction is part of a larger trend that has seen a 33% increase in large transactions of the altcoin, despite its low price.

Meanwhile, DOT staking also recorded a widespread surge as whales continue to do so. According to Toni Bitcoin’s post on X (formerly Twitter), DOT received $2.6 million in staking.

“Polkadot received in staking 2,600,000 of $DOT ($14,378,021.96) as Whales continue to buy $DOT and put it in #staking.”

DOT/USD price analysis

DOT price soared over the last 24 hrs to reach $5.87 by 22 February 2024. However, the trading volume dropped by 9.73% over the same period to reach $113.33 million.

Moreover, DOT price rose slowly from the beginning of the month, reaching a high of $6.1 on 11 February and a low of $5.58 on 17 February. After reaching a high of $6.5 on 20 February, the price dropped to reach a low of $5.7 on 21 February before rising again.

At the time of writing, DOT was trading at $5.87 after a 9.73% hike in the last 24 hrs. Despite the price rise, however, trading volume fell by 8.20% over the same period.

bullish indicators for DOT despite lower trading volume and price drop

Despite the price drop, several indicators remained bullish for DOT. For instance, the Relative Strength Index (RSI) had a reading of 46 after crossing RSI-based MA at 44 from below – A sign of an uptrend. A rising RSI usually implies strengthening momentum, with reduced selling pressure across the board.

Additionally, the On Balance Volume (OBV) surged over the last 7 days from -$2.7M to $949k at press time. When the OBV rises, it means buying pressure may be outweighing selling pressure. This is a bullish signal as a higher OBV often precedes rising prices.

Furthermore, according to Santiment, the total supply held by whales climbed from $48M to $56.3M in the last 7 days. Increasing whale accumulation shows long-position holders’ confidence in the altcoin’s direction and future potential.

Finally, DOT had a negative net flow of -$124.76k at press time, after negative outflows over a period of 4 days.

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