How and Why the Department of Transportations Decision Led to a 9 Increase in Altcoin Prices

Coin World reports:
After weeks of decline, the price of DOT surged by 9.73% within 24 hours. This surge was due to a significant amount of whale activity, large transactions, and stakes.
The large transactions of Polkadot (DOT) have caught the attention of the cryptocurrency community. In fact, it is reported that despite the low price of DOT, the trading volume of the altcoin increased by 33%. But that’s not all, Polkadot Watch wrote on Twitter,
“50,000 DOT ($291,500) transferred from an unknown wallet to another unknown wallet.”
Similarly, as whales continue to do so, the stakes in DOT have also significantly increased. According to Toni Bitcoin’s post on X (formerly Twitter), DOT has gained $2.6 million in stakes.
“Polkadot has received $2,600,000 in DOT stakes ($14,378,021.96) as Whales continue to buy $DOT and put it into #staking.”
What is driving the whale activity?
These activities have sparked speculation about increased investment in the Department of Transportation. A significant factor driving whale activity and higher stakes in DOT is speculation around a DOT ETF.
According to Voice Lark, market sentiment is positive due to Coinbase’s potential application for a DOT ETF.
“Coinbase plans to launch a Polkadot ETF, marking a potential boost for DOT prices and popular Altcoins.”
General Market Sentiment
AMBCrypto’s analysis of the DOT market sentiment indicates that it has been predominantly positive recently.
Specifically, audience sentiment is at 0.1325, z-score is at 0.75, and heat is at 0.83. Simply put, the crowd seems to have an optimistic outlook on DOT’s prospects on the price chart.
Indicators and Price Charts
At the time of writing this article, DOT traded at $5.87 after rising 9.73% in the past 24 hours. However, despite the price increase, the trading volume decreased by 8.20% during the same period.
Moreover, Polkadot’s RSI read 46 after crossing the RSI-based MA 44 from below, indicating signs of an uptrend. An increase in RSI typically means a strengthening of momentum, while overall selling pressure eases.
Furthermore, as of press time, the balance soared from -$2.7 million to $949,000 in the past seven days. When OBV rises, it means that buying pressure may exceed selling pressure.
This is a bullish signal, as an increase in OBV often precedes a rise in price.
Additionally, according to Santiment’s data, the total supply held by whales climbed from $48 million to $56.3 million over the past seven days. The continuous increase in whale accumulation indicates the confidence of long position holders in the direction and future potential of the altcoin.
Lastly, after four days of negative outflows, the net flow for DOT stood at -$12,476,000 at the time of publication.