- DOGE’s price performed better as DOT became relatively stable.
- Increasing bullish momentum could drive DOT toward $10.
Despite being three places lower than Dogecoin [DOGE] per market cap, liquidity in the Polkadot [DOT] ecosystem has become higher than the former.
According to CoinMarketCap, DOT’s liquidity score on Binance was 760. DOGE, on the other hand, had a score of 731.
The liquidity score in the cryptocurrency market ranges from zero to 1000. A perfect score of 1000 implies that the market has low slippage.
In this instance, the asset in question is less volatile, and the order size on the buy and sell side could be up to $200,000.
More for DOGE, less for DOT
On the other hand, a liquidity score of zero implies that traders are speculating a wide buy and sell price, indicating high volatility. The disparity in liquidity seems to have affected the price of DOGE and DOT.
Previously, AMBCrypto reported how Dogecoin’s price has been relatively stable for a while.
However, the last 24 hours have seen the value climb by almost 4.97%. This implies that the coin seems to be returning to its highly volatile state last recorded in 2021.
Like DOGE, the price of the Polkadot token increased. But its performance within the same period was about less than half compared to Dogecoin.
A look at on-chain data showed that DOT’s volume significantly increased over the last three days. The increase in volume suggests that more traders had been involved in buying and selling DOT.
Between the 24th and 25th of February, the volume declined, indicating winding interest in the token.
Author: Victor Olanrewaju
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