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Polkadot (DOT) Sets New Record For Daily Transactions, Surpassing 1 Million

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In an unprecedented development for the Polkadot (DOT) protocol, daily transaction counts have skyrocketed to an all-time high (ATH), exceeding the 1,000,000 mark, according to on-chain data. This milestone represents a historic peak for the layer-1 blockchain network.

Prior to this significant surge, Polkadot’s previous record for daily transactions stood at 941,000 on May 5, 2021. Unlike the organic growth witnessed in the earlier spike, the current surge is notably attributed to the introduction of Ordinal Inscriptions.

The trend of Ordinal Inscriptions began this year on the Bitcoin (BTC) blockchain, offering a framework for creating digital collections registered on the smallest units of the blockchain. 

This innovation has not only led to a substantial increase in transaction counts but has also boosted miner revenue for Bitcoin. Recognizing the significance of these Ordinals, they have rapidly spread to other prominent layer-1 blockchains, including Litecoin (LTC).

Polkadot Leads The Charge

Ordinal Inscriptions have emerged as a central theme in the Web3.0 ecosystem, exerting a profound influence on sentiments across diverse protocols. Notably, Polkadot spearheads this transformative trend, with other blockchains like Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu’s Shibarium following suit and witnessing the ripple effects of this innovative development.

Ordinal Inscriptions have become a focal point in the Web3.0 ecosystem, influencing sentiment on various protocols beyond Polkadot. Blockchains such as Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu’s Shibarium are currently experiencing the impact of this novel development.

The surge in Polkadot’s total transaction count has contributed to an 8.96% increase in the coin’s price over the past 24 hours, reaching $7.54. Consequently, DOT has successfully recovered from losses incurred in the previous week, achieving a 3.13% gain during this period.

With the influence of Ordinal Inscriptions, DOT may aim to retest the $8 price threshold. If successful, this accomplishment would not only represent the highest level for the year but also mark the most significant milestone since mid-August 2022. 

The potential for achieving this feat is further heightened when considering other noteworthy innovations taking place on the Polkadot network.

DeFi Leaders Pullix, Polkadot, And Chainlink Drive Market Surge Amidst Shift From Meme Coins

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In the dynamic landscape of decentralized finance (DeFi), meme coins experience a decline in bullish momentum, paving the way for the rise of substantial players like Polkadot, Chainlink, and Pullix. Polkadot has notably surged into the green, with CoinMarketCap data indicating its trading value at $7. 

The token witnessed a robust 21.7% increase over the past week, marking a recovery for the DeFi sector. Despite a correction from its peak at $7.59, Polkadot has demonstrated a 35.2% price hike in the last 30 days, encountering resistance at $7.90.

Chainlink (LINK) has entered the DeFi arena with an upward price trend, climbing from $14.06 to a 7-day peak of $17.25, showing a modest 1% increase on the weekly chart and a commendable 1,01% growth over the past two months. The recent collaboration with zkSync Era, an Ethereum L2 scaling solution, suggests the potential for further gains, possibly reaching $20 if the bullish run persists.

DeFi Dynamo: Pullix (PLX) Leads The Charge In The Latest Price Rally

Pullix (PLX) has emerged as a compelling player in the DeFi realm, driving the latest price rally. As the native token of an eagerly anticipated trading platform, Pullix promises faster transactions, lower fees, and enhanced security. 

The platform addresses the challenge of low liquidity in decentralized exchanges through a unique hybrid approach, combining elements of both centralized and decentralized exchanges. Pullix’s all-encompassing platform, supporting global asset trading, aims to attract users seeking an improved DeFi experience.

The novel exchange model introduced by Pullix allows token holders to benefit from daily platform earnings, offering a stable passive income through liquidity provision to automated market makers and coin staking. 

With Pullix, Polkadot, and Chainlink standing out as DeFi coins with tangible utility, the market is witnessing a shift toward assets that offer more than speculative value. Notably, the Pullix token, priced at $0.042 per token, is utilized for staking, earning rewards, and accessing specific features, providing a multifaceted value proposition for users.

Polkadot (DOT) Holds Firm At $6.6, Indicators Suggest Potential Rally Ahead

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Polkadot (DOT) is currently experiencing a correction from its recent peak at $7.75 against the US Dollar in the latest market developments. Nevertheless, there are optimistic indicators suggesting a possible rebound, contingent upon the price maintaining its position above the crucial support level of $6.30.

Following a consolidation phase above the $5.50 support, the DOT price initiated a noteworthy uptrend. Surpassing resistance levels at $5.85 and $6.00, DOT entered positive territory alongside major cryptocurrencies like Bitcoin and Ethereum. 

The rally extended beyond the $6.65 resistance zone, and Polkadot established itself above the 100 simple moving average (4 hours). Nevertheless, a pullback ensued near the $7.75 mark, forming a peak around $7.77, leading to a corrective phase.

Polkadot (DOT) Resilience

The price dipped below $7.20 and $7.00 levels, breaching the 61.8% Fibonacci retracement level of the upward movement from the $6.31 swing low to the $7.77 high. Despite this correction, Polkadot maintains its position above the $6.65 zone and the 100 simple moving average (4 hours).

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Polkadot (DOT) Holds Firm At $6.6, Indicators Suggest Potential Rally Ahead 2

Analyzing the 4-hour chart of the DOT/USD pair reveals a crucial bullish trend line emerging with support around $6.65. This trend line aligns closely with the 76.4% Fibonacci retracement level of the upward trajectory from the $6.31 swing low to the $7.77 high.

The immediate resistance is anticipated near the $7.05 level, with a subsequent major hurdle at $7.20. A breakthrough beyond $7.20 could trigger a robust rally, potentially propelling the price toward $7.75 in the short term. Further upside movement might encounter resistance at the $8.00 zone.

Conversely, failure to initiate an upward move above $7.05 could result in continued downward pressure. Initial support lies near the $6.65 level and the associated trend line. A more substantial support zone is identified around $6.30, below which a decline to $5.70 may be on the horizon. Additional losses might open the doors for a move towards the $5.00 support zone.

The 4-hour MACD for DOT/USD is currently showing increasing momentum within the bearish zone, indicating a shift toward a bearish trend. Concurrently, the 4-hour Relative Strength Index (RSI) for DOT/USD has descended below the 50 level, further confirming the prevailing bearish sentiment.

In terms of key levels, significant support is identified at $6.65, followed by pivotal levels at $6.30 and $5.70. On the upside, notable resistance levels to monitor include $7.05, $7.20, and $7.75. These levels will likely play a crucial role in determining the near-term price dynamics of Polkadot (DOT) against the US Dollar.

Polkadot [DOT], AVAX, LDO Ride Bitcoin’s Wave

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Polkadot’s DOT, along with Avalanche’s AVAX and Lido Dao [LDO], have emerged as standout altcoins, witnessing significant market cap growth amid Bitcoin’s playing with a potential $40K valuation by 2024. Santiment data adds an interesting dimension by highlighting a decline in Bitcoin’s social volume and a simultaneous surge in interest in alternative cryptocurrencies, suggesting a subtle inclination towards crowd greed.

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Polkadot [DOT], AVAX, LDO Ride Bitcoin's Wave 4

Examining the above chart provided by the analytics platform, in particular, Polkadot’s notable 6% surge coincides with recent announcements from its development team regarding plans to allocate Treasury assets into tangible real-world assets. On November 29, the Web3 Foundation unveiled a strategic move, committing to a pilot investment of $1 million in U.S. Treasury bills that would be brought onto the blockchain through Anemoy, an asset manager operating on Centrifuge Chain, a Polkadot parachain focused on real-world assets [RWA].

Polkadot’s $1M Bet On-Chain Treasuries

The Web3 Foundation expressed its dedication to fostering the growth and innovation of real-world assets within Polkadot’s infrastructure through this partnership. Lucas Vogelsang, the co-founder of Centrifuge, commented on the collaboration, emphasizing that it sets the stage for substantial growth and innovation in real-world assets leveraging Polkadot’s infrastructure and technology.

As part of this collaboration, the Polkadot Web3 Foundation plans to invest the allocated funds into Anemoy’s upcoming Liquid Short Treasury Fund. This fund is designed to provide DAOs [Decentralized Autonomous Organizations] and other investors with the opportunity to access short-term yields from U.S. treasury bills.

Fabian Gompf, recently appointed as the Chief Executive of the Web3 Foundation, suggested at broader plans, suggesting that the initial $1 million investment is just the beginning. The foundation anticipates rapid growth beyond this initial commitment, emphasizing their intention to significantly increase their allocation towards real-world assets in the future. Gompf stated, “$1M is a start, and we fully expect to quickly grow beyond that,” hinting at a more expansive role for the Web3 Foundation in the realm of real-world asset investments on the Polkadot network.

Cardano (ADA) Surges Over 20% In Weekly Chart Following Integration Of Polkadot SDK

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Cardano (ADA) has experienced a surge of over 20% in the weekly chart following a significant announcement that piqued investors’ interest. Currently, ADA is trading at $0.3547, and in the daily chart, it has seen a 2.88% rise. The ADA community is excited as the bullish trend in play since early October continues to gather momentum.

The latest surge above the $0.35 mark indicates a path of least resistance towards higher values. If ADA can maintain this level, it may sustain upward momentum in the coming weeks. The driving force behind this resurgence lies in the increased confidence of investors in the Cardano token. 

ADA 7D graph coinmarketcap 8
Source: CoinMarketcap

According to blockchain analytics platform IntoTheBlock, ADA whales and investors accumulated a substantial 1.89 billion ADA during October, equating to an investment of over $600 million. Interestingly, a significant portion of this accumulation occurred within the price range of $0.249 and $0.271. This suggests that large holders may accumulate ADA long-term, potentially fueling a price rally toward $0.4.

Cardano’s recent price surge is a testament to its growing popularity and widespread support from both retail and institutional investors. Crossing the $0.37 resistance level represents a significant milestone for the project. Furthermore, introducing products like Midnight Protocol adds even more value to the Cardano ecosystem.

Cardano (ADA) Price Driving Factor

The catalyst behind this latest surge is the announcement of Cardano’s partnership with Polkadot SDK (formerly Substrate) in its partner chain. This strategic move aims to enhance scalability and promote interoperability between specialized blockchains while leveraging the liquidity and security offered by Polkadot’s technology. Midnight Network is poised to become one of the first adopters of these partner chains, highlighting the project’s promising future.

Cardano’s decision to utilize Polkadot SDK reflects a well-thought-out strategy, as Polkadot’s technology boasts numerous advantages, including a modular and flexible design for an interoperable future. The project’s choice to adopt Polkadot’s consensus mechanisms, BABE and GRANDPA, effectively balances liveness and safety, addressing a common issue in consensus models.

Moreover, Polkadot’s NPoS (Nominated Proof-of-Stake) offers a vast validator network of up to 1,000, mitigating stake centralization with fair reward distribution. Polkadot’s multi-chain vision, developed and tested for nearly five years, distinguishes it from Ethereum, making it a compelling choice for Cardano.

The Universal Language, XCM, enables seamless communication between Polkadot SDK chains, promoting interoperability and ease of use. This decision to embrace Polkadot SDK over alternatives like Cosmos SDK is rooted in the project’s priorities, requirements, and trade-offs. Polkadot’s chain-agnostic approach, lack of assumptions about consensus algorithms, and resolution of shared sequencer dilemmas set it apart as a robust choice for Cardano’s future endeavors.

Related Reading | XRP Surges 16% In November, But Analyst Sees A Potential Buying Opportunity At $0.54

Polkadot’s Strong Quarter: 12% QoQ Increase In DOT Staked and Key Developments

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In Q3’23, Polkadot showcased a remarkable performance with significant developments that are reshaping the landscape of decentralized networks. The completion of Polkadot 1.0, a long-anticipated milestone, was met with enthusiasm, marking the realization of the Polkadot whitepaper. Looking forward, the community is eagerly awaiting Polkadot 2.0, which is expected to take shape through community discussions and consensus.

Polkadot’s Q3’23 Performance

The quarter brought forth a 12% QoQ increase in DOT staked, underlining the effectiveness of Polkadot’s staking mechanism. Notable integrations included Wormhole’s routed liquidity via Moonbeam and the launch of Native USDC on Polkadot’s Asset Hub, further expanding access to liquidity across the ecosystem.

Financially, Polkadot operates under a unique weight-based fee model, distinguishing it from the common gas-metering model. Despite a 3% QoQ decrease in revenue to $94,000, Polkadot’s revenue remains relatively lower compared to its competitors due to its structural design.

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Polkadot's Strong Quarter: 12% QoQ Increase In DOT Staked and Key Developments 8

Polkadot’s native token, DOT, experienced a 12% QoQ increase in staking, aligning closely with the ideal rate, which reflects the effectiveness of its mechanism. This adjustment led to reduced staking rewards and a 12% QoQ decline in annualized nominal yield to 15%. Zodia Custody’s announcement of institutional custody and staking services on Polkadot added to the network’s credibility.

The network’s treasury, financed through various means, supported initiatives in Q3, including software development, bounties, client upgrades, and community events. The introduction of OpenGov is set to revolutionize treasury management, delivering substantial benefits to the Polkadot community. As of the quarter’s end, the treasury held approximately $185 million.

In terms of network analysis, Polkadot’s Relay Chain witnessed increased account activity attributed to heightened governance processes. The network experienced an average of 5,200 daily active accounts, contributing to 4,312,113 million unique accounts across the Polkadot ecosystem by the end of September, marking a notable 9.3% QoQ and 34.9% year-to-date increase.

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Polkadot's Strong Quarter: 12% QoQ Increase In DOT Staked and Key Developments 9

Polkadot’s developer ecosystem continues to thrive, boasting nearly 2,000 monthly active developers in Q3, making it the second-largest ecosystem by developer count. Various developer support categories further solidify Polkadot’s position in the crypto industry, with initiatives like the Polkadot Developer Heroes Program and the Polkadot Blockchain Academy adding to its appeal.

Looking ahead, Polkadot’s roadmap is shaping up, with Polkadot 2.0 discussions taking center stage. The network’s ecosystem, characterized by XCM, parachains, and various integrations, continues to grow, offering a promising future for the Polkadot community.

Related Reading |  SEC Faces Uncertainty In Ongoing Ripple Battle Following Second Circuit Ruling 

USDC Coin: Bridging Worlds – Now Soaring Across Polkadot Skies

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Circle, the USD Coin (USDC) issuer, has officially launched the stablecoin on the Polkadot network. This move represents another significant step in the expansion of USDC, currently the second-largest stablecoin by market capitalization, trailing only behind Tether (USDT).

According to the announcement, Polkadot users and developers can now access Polkadot USDC through Circle’s platform. This development aims to provide seamless accessibility and transfer capabilities for users and developers within the Polkadot ecosystem, facilitated by Circle Account and Circle APIs.

Polkadot, renowned for its innovative approach to blockchain technology, operates as a network of sovereign blockchains known as parachains. These parachains work in parallel, offering faster transaction speeds while benefiting from Polkadot’s robust security and decentralized structure. 

Within this ecosystem, the Polkadot Asset Hub serves as a common-good parachain designed specifically for issuing, managing, and transferring digital assets across the Polkadot network.

Polkadot Asset Hub: Facilitating USDC

The Polkadot Asse­t Hub now facilitates the native issuance­ of the coin, allowing for seamless transfer to multiple­ parachains using the Cross-Chain Messaging (XCM) protocol.

Within the Polkadot e­cosystem, Polkadot USDC serves as the­ official stablecoin, providing develope­rs and users with a fully reserve­d, dollar-backed solution that maintains a 1:1 peg with US dollars.

Notably, this expansion onto Polkadot follows a similar move made earlier in the month. On September 3rd, Circle announced that WUSDC became natively available on the NEAR blockchain, accessible via Circle Account and Circle APIs. 

This move enables developers to harness the speed and scalability of the NEAR blockchain while utilizing USDC in popular programming languages like JavaScript and Rust.

However, Circle Account and Circle APIs exclusively support Polkadot USDC natively issued on the Polkadot Asset Hub within the Polkadot ecosystem. Therefore, users must first transfer the stablecoin from the Circle Account to an external Polkadot Asset Hub wallet address before using the XCM transfer protocol.

Circle has highlighted the significance of this step, urging use­rs to exercise caution whe­n attempting to deposit USDC transferre­d using XCM from any parachain other than Polkadot Asset Hub into their Circle­ Account. It is important to be aware that such actions may lead to the­ loss of funds and could potentially be irreve­rsible.

The addition of Polkadot to the­ supported blockchain networks for the stablecoin further solidifie­s the growing influence of stable­coins in the world of cryptocurrency. With this rece­nt integration, USDC can now be accesse­d through 14 diverse blockchain networks, including Ethereum, Tron, Stellar, Solana, and others.

Related Reading | Dogecoin’s Path to $0.30: A Closer Look at the Timeline

Polkadot’s PolkaWorld Community Halts Operations Amidst OpenGov Controversy

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PolkaWorld, one of the largest Chinese communities within the Polkadot ecosystem, has announced the ceasing of its operations. This decision comes following the rejection of its proposal to secure official funding, leaving the community in a state of limbo for the past two weeks.

OpenGov’s Impact On Polkadot Community

PolkaWorld expressed its deep disappointment in a Twitter post, stating:

It’s super sad to say that PolkaWorld’s proposal was rejected, and we’ve been halted operations for half a month now. It is the first time we’ve had to pause in the four years and three months since we started in 2019.

The root cause of this crisis can be traced back to the implementation of Polkadot’s OpenGov initiative, spearheaded by none other than the founder of Polkadot, Gavin Wood. 

OpenGov aimed to usher in a more decentralized and democratic governance model while improving the efficiency and transparency of the Polkadot Treasury. However, the system has faced its fair share of controversies, particularly in treasury management.

Under the previous governance system, a “professional” council elected by DOT holders evaluated proposals based on their expertise. PolkaWorld suggests that this approach should be integrated into the OpenGov system to maintain a level of informed decision-making.

Additionally, PolkaWorld interviewed some DOT holders who raised concerns about applicants converting treasury funds into cash, potentially harming the community’s interests. They proposed exploring alternative forms of funding, such as USDT or other tokens.

All DOT holders must understand that the treasury empowers and enriches the Polkadot ecosystem. If OpenGov results in the departure of talented teams, it could be a significant setback.

PolkaWorld encourages a more optimistic perspective on these changes, emphasizing that OpenGov is an upgrade and optimization for Polkadot. They urge the community to adapt and guide the system in the right direction rather than abandoning it outright.

The fate of PolkaWorld serves as a poignant reminder of the complexities and teething issues that can arise when implementing novel governance systems, even within the most promising blockchain projects like Polkadot. 

Related Reading | Shiba Inu’s $1k Investment Soars To $14.7 Million: The Incredible Crypto Journey

Polkadot (DOT) Finds Hope Amidst Struggles: Is A Reversal In Sight?

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Polkadot (DOT), one of the prominent cryptocurrencies in the market, has been facing a challenging period recently. However, there may be a glimmer of hope on the horizon as DOT exhibited signs of recovery on its daily chart, marking an almost 2% increase and trading at $4.110. 

DOT 1M graph coinmarketcap
Source: Coinamarketcap

This slight upturn comes after a 17% loss on the monthly chart. After tumbling from its all-time high of over $50 in November 2021, DOT enthusiasts are now eyeing this modest surge with cautious optimism.

The daily gain suggests that DOT might be on the cusp of a new uptrend. Traders are beginning to believe that DOT’s current price levels may have pushed the token into oversold territory, potentially setting the stage for a resurgence.

One key indicator supporting this nascent optimism is the Relative Strength Index (RSI), which has bounced back above the 30 mark after a recent foray into oversold territory. 

DOT 1D graph coinmarketcap 2
Source: Coinmarketcap

If the RSI can break through the 50 threshold, it could signal further gains in the days ahead. The Moving Average Convergence Divergence (MACD) indicator also hints at the possibility of a bullish crossover in DOT’s price chart.

Nonetheless, Polkadot faces significant hurdles before a lasting trend reversal can be confirmed. The $4.50 mark, corresponding to its 50-day moving average, poses a formidable resistance level that must be surmounted to signal a short-term shift in momentum. 

Beyond that, the critical milestone for DOT lies at $5.00, where breaking through could finally end the series of lower highs that have characterized its downtrend since November of the previous year.

If Polkadot manages to secure a foothold above these crucial resistance levels, several fundamental and technical factors might propel the token to higher ground.

Despite Challenges, Polkadot (DOT) Remains Relevant 

Despite recent price struggles, the quantity of staked Polkadot (DOT) has grown over the past month. However, this increase coincided with a decline in reward rates, raising questions about the sustainability of the staking model and its appeal to users.

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Source: Staking Rewards

On the social front, sentiment surrounding DOT has been less favorable in recent weeks. This dip in sentiment could potentially have far-reaching effects on market behavior and investor confidence, influencing decisions made by both retail and institutional players.

Nevertheless, Polkadot (DOT) continues to exhibit a robust position in terms of social engagement. Engagement levels have surged by an impressive 64%, and mentions related to DOT have increased by 16.4%. 

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Source: Santiment

These statistics suggest that Polkadot remains firmly on the radar of the cryptocurrency community despite the challenges it has faced in recent times.

Related Reading | Bitcoin’s Crucial Crossroads: Analysts Assess Chart Patterns and Support Levels 

According to On-Chain Data Whales Are Heavily Buying Into – XRP, Polkadot and Pomerdoge

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According to recent observations in the market, whales have shown interest in three tokens – XRP (XRP), Polkadot (DOT), and Pomerdoge (POMD). They have been buying large quantities of these tokens in the past week. Does this signify a potential price rally? Let’s look at the price movements of these tokens.

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XRP (XRP) Bearish Despite Bullish Forecast 

As per on-chain data, whales are currently amassing large amounts of XRP tokens ahead of a potential bullish run. Meanwhile, crypto YouTuber and XRP analyst, Alex Cobb, is bullish on XRP. 

He applied the Elliott Wave Theory to the XRP/USD monthly price chart, commonly used to analyze market cycles and forecast trends. Notably, Cobb spotted an explosive breakout between 2014 and 2015, which he believes could repeat in the period starting from 2018. 

Consequently, his estimate points to a potential price target of $10. However, XRP is trading at $0.616734 today with a 24-hour trading volume of $953,445,167.44. This represents a 12.28% price decline in the past 7 days. 

Polkadot (DOT) Still Trading in a Narrow Range

Polkadot has been trading in a tight range, fluctuating between $5.00 to $6.00 in the past month. Unfortunately, bulls have failed to push the price beyond this upper range and extend the rally despite multiple attempts. This situation underscores the prevailing dominance of sellers within the supply zone.

According to CoinMarketCap, Polkadot is trading at $4.99. This represents a 0.10% price decline in the last 24 hours and a 3.58% price decline in the past week. The token is currently trading below the 50-Day SMA ($5.15) and 200-Day SMA ($5.77). 

Meanwhile, Polkadot’s RSI is currently rising and is at 45.66, which indicates that the DOT market is in a neutral position. On the upside, Polkadot faces resistance at $5.11, $5.16, and $5.20. On the downside, it has support levels at $5.03, $5.00, and$4.95. 

 Pomerdoge (POMD) Surges While Polkadot and XRP Drop

Pomerdoge (POMD), a newcomer in the play-to-earn gaming industry, has emerged as a formidable rival that will offer exciting features. Moreover, this peer-to-peer game strives to foster global participation, encouraging engagement and competition within an enjoyable environment.

Pomerdoge will provide players with a risk-free environment, thanks to thorough audits from SOLIDPorof and Cyberscope. Furthermore, the project has promised to lock teams’ tokens and liquidity to prevent a rug pull.

Pomerdoge stands out against meme coins like Dogecoin and Shiba Inu by offering more utility. It offers holders staking rewards, discounts, and access to rare NFTs. Interestingly, Pomerdoge is just in its presale phase and has gained huge momentum in the market. Investors are excited about the opportunity to earn a share of the game’s revenue. 

Now in its first presale phase, POMD tokens are available at just $0.007, making it an affordable opportunity to buy in. As the demand for blockchain gaming expands, the prospect of Pomerdoge reaching $1 in 2023 becomes increasingly plausible. This makes it an exciting project to watch for investors and gamers alike.

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