This drop was accompanied by an unexpected rebrand announcement from Polkadot Network’s official X account. The announcement, which mentioned the possibility of switching to the name “KOLKADOT”, shocked the community and attracted many reactions. The post about the rebrand received a mixture of laughter and confusion from the Polkadot community. Some viewed the move as an interactive marketing strategy by the company, using an apparent name change to attract attention.

This announcement created a huge buzz on social networks, fueling community members’ discussions about the possibility of the change and its possible consequences. While the responses were quite humorous, the rebrand joke came at a time when Polkadot was having numerous problems. Such problems may have caused Polkadot to resort to this method in order to create a comedy element and surprise the audience in order to distract from the current problems.

Polkadot has received a lot of criticism for its marketing spend. According to research, while millions of dollars are spent on brand marketing, the visibility of the project is still low compared to other similar projects.

In the first half of 2024, Polkadot has allocated a budget of $37 million to reach new users, developers and businesses. This budget was distributed as $10 million for advertising and sponsorships, $4.4 million for influencers and $4 million for digital ads. However, these efforts have yet to pay off in terms of market presence.

Another important problem in Polkadot is allegations that developers within the network are discriminated against. Manta Network founder Victor Ji stated that Polkadot discriminates against Asian developers, especially Chinese. Other developers in the Polkadot China community agreed with Ji’s statements, complaining about blatant bias and the lack of true democracy within the ecosystem.

These allegations, along with other issues Polkadot faced in terms of marketing and community management, created a negative impact on public opinion. The core team’s response to these allegations will play a critical role in reassuring developers and regaining their trust in protocol governance.

Although Polkadot’s current situation is not very favorable and there are still many challenges, some analysts still believe in the future of the project. Additionally, data from Coinglass shows that trading volume of DOT derivatives increased by 42.75%. This indicates increased interest from investors and possible market fluctuations.

Captain Faibik also shared his thoughts and said, “DOT #Polkadot Looks Like It’s at the Bottom and Ready to Fly.” According to Faibik, if DOT can return to $6.50, it will be safe for investors to enter the market. Currently, almost 60% of DOT is staked, meaning only 40% of the total supply is in circulation in the market.

As a result, the price may skyrocket as supply decreases and demand increases. Technical indicators also show some signs of improvement. If the RSI level on the weekly time frame exceeds the 53 level and rises to the 70 level, this could lead to a significant price increase. This move, combined with the scarcity of DOT in circulation, could push the price to the $20-$24 range.