Polkadot (DOT) has performed relatively poorly in the last few weeks in terms of price growth. However, top market analyst Michael van de Poppe sees AI boosting the performance of the cryptocurrency in the near future.
Polkadot Welcomes Numerous Features
Michael van de Poppe identified that Polkadot is on its defined cycle low, a move mirrored in the current price of DOT.
At the time of this writing, the digital asset was trading at $6.85, after registering a 6% price increase in the last 24 hours. The surge in price is gradually closing up the 1.27% slump that crypto recorded in the last trailing 7-day period. Despite this upsurge, Polkadot is still visibly trodden by a bearish growth sentiment.
Polkadot’s valuation has plunged by over 27% in the last month, causing DOT price to change hands between a high of $9.73 and a low of $5.81 before slipping to its current price.
$DOT is on a cycle low, while integrating many great features within the blockchain, also AI.
They have a multi-chain architecture ready for AI scalability.
The sharded multichain setup eliminates transaction bottlenecks and increases more efficient AI computations! pic.twitter.com/Pj3twMslOg
— Michaël van de Poppe (@CryptoMichNL) April 28, 2024
The top analyst highlighted the addition of several features on the Polkadot protocol as a catalyst that could trigger a reversal in the bear movement of DOT price in the long run. One such feature is the proposed JAM protocol that is designed to sunset its Relay Chain interoperability protocol.
Precisely, it would replace the existing Relay Chain with a more modular and minimalistic design.
Polkadot co-founder Gavin Wood teased the release of the Join-Accumulate Machine (JAM) Upgrade about two weeks ago. Similarly, Polkadot launched its runtime upgrade on the mainnet to change the logic of the chain without utilizing a hardfork.
AI Integration to Revolutionize Polkadot Ecosystem
Beyond these technical features, van de Poppe strongly believes that Polkadot has the capacity to promote AI scalability through its multi-chain architecture.
Unsurprisingly, this is a time when several crypto projects are leaning towards the AI sector. BytePlus, a unit of TikTok parent, and Mysten Labs, the architects of the Sui layer-1 blockchain, recently established a strategic relationship to integrate AI algorithms in the latter’s protocol.
Polkadot may well just join its counterparts to take a slice of the market. “The sharded multichain setup eliminates transaction bottlenecks and increases more efficient AI computations!” the analyst added.
Polkadot’s likely foray into the ecosystem will meet the presence of crypto projects like Fetch.ai and SingularityNET.
The post Polkadot (DOT) Up 6% As Top Analyst Tips AI-Backed Growth appeared first on CoinGape.
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