Polkadot is one of the blockchain projects that hold considerable value in the eyes of many crypto investors. This blockchain was created by one of the Ethereum co-founders, Gavin Wood, and introduces itself as a Web3 interoperability network. The unique feature of Polkadot is parachains that link isolated blockchain networks.
While retail interest in Polkadot remained conservative, the native token DOT was among the most popular for enterprise adoption.
Most hedge funds and other financial vehicles that added crypto reserves invested heavily in DOT. The idea has been shared by a report issued by the financial market analytics firm Messari.
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DOT as the Most Popular Institutional Crypto
The chart representation issued by Messari indicates that DOT was adopted by as many as 29 Crypto funds in 2022. The chart is gaining traction within the crypto community on Twitter, and it also contains other crypto tokens such as dYdX, Karura, Mina, Filecoin, Internet Computer, and others tokens.
The enterprise investment in DOT can signal its wider demand and continued price appreciation in the future.
The cryptocurrency community members also believe that Hedge Funds and other investment companies get hold of important news; therefore, it can signal an approaching increase in the DOT prices.
DOT prices have fallen to a new low of $4.22 during the current economic prospects. It has officially entered into the oversold category.
At present, DOT is flowing back to the exchange markets. The highest institutional adoption for DOT happened in June this year. Only time will tell if DOT can continue its reign in 2023. On the other hand, some technical indicators point towards an approaching bullish retracement for DOT.
However, for DOT to recover, it needs to have better traction among investors. As per market projections issued by Santiment, the prospects for DOT among investors have improved to a certain extent, but it is still fairly conservative in comparison to some other major cryptocurrencies.
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