Polkadot (DOT) has failed to generate momentum in the market as the project witnessed losses of over 3.14% in the last week, according to data from Coinmarketcap. The price fell to $6.77 as of the time of writing of this article.
The sluggish price movement of the project was linked to lackluster developments and growing negativity in the community. In comparison, other projects like Chainlink (LINK) and Algotech (ALGT) have been positively trending due to increased retail interest. Social sentiments suggest that investors are now considering alternative investment segments to shift away from Polkadot (DOT).
In the past, Polkadost was considered to be among the leading projects in the cryptocurrency world. The project’s founder being a part of Ethereum’s initial team was an impressive feat. However, today, the blockchain is in a stark decline compared to its momentum in the past. Problems are clearly beginning to emerge in the ecosystem.
Founders on Polkadot (DOT) Voice Criticism
Aside from its bearish long-term outlook, the blockchain has also faced criticism from founders on the blockchain. Leaders of the blockchain’s biggest community in China have taken to social media to voice concerns about the direction of the project.
PolkaWorld, the largest Chinese community in Polkadot, announced that it would cease operations. It has been out of operation for half a month due to the rejection of its proposal to apply for official funding. It stated that there were issues with financial management under…
— Wu Blockchain (@WuBlockchain) September 15, 2023
In the Twitter announcement, the PolkaWorld community criticized the OpenGov initiative on the blockchain. According to the community, the latest update resulted in the rejection of most “long-term contributors and organizations” being rejected by the treasure.
Other founders, such as Markian Ivanichok, founder of the now-defunct project Brushfam, further added to the sentiment. The sentiment clearly points to a negative community outlook for the blockchain.
23 The decision to leave Polkadot is long overdue. The @Brushfam_io team is hungry to see results of our work. Hungry to have our products used, our work appreciated.
— Markian Ivanichok 🇺🇦 (@0xMarkian) September 14, 2023
Algotech (ALGT) Positioned to Dethrone Polkadot (DOT) After $1.1 Million Private Seed Round
With the slow movement of Polkadot, investors are looking toward other projects that might displace legacy projects. Algotech (ALGT) is emerging as a great alternative because of its lucrative rewards and user incentives. The project is perfectly positioned to become a major stakeholder as we get closer to the bull run. With presale demand heating up, a surge to $1 could be highly likely.
This price would make Algotech (ALGT) a serious contender for legacy projects. DOT price action has also pointed towards a significant decrease in investor interest. The project is significantly lower than its all-time high price of $55.13 and is continuing to lose ground to other innovative entrants.
For crypto enthusiasts and DeFi investors, Algotech (ALGT) is the project that offers the most exciting growth prospects. The innovative technology and cutting-edge use cases will continue to become more relevant as demand for advanced trading tools increases.
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