Polkadot’s decentralized web project has been in the spotlight for its aim to unite various forms of blockchains, such as private and consortium chains, public and permissionless networks, and other innovative types. Overall, the project received significant attention during the first half of 2024, with a total cost of $87 million.
Out of this total, the project spent roughly $37 million on advertising and promotion. This has raised concerns among its stakeholders about managing the marketing budget and the operational sustainability of dedicating such a huge amount to marketing techniques.
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The Polkadot community is concerned about whether the high marketing expenses are commensurate with the usage gains the Polkadot network is realizing. As blockchain technology advances, the expectation increases to meet real-world outcomes from significant funding, including in the case of Polkadot. These outcomes are significant not only for investors but also for the integration and implementation of technology in various fields.
Polkadot price has surged by 1.5% and now stands at $6.42, following an upswing from a downward trendline this week. This positive movement aligns with some recent Polkadot predictions, suggesting it could be an appealing investment within the range of $5.41–$5.72. If Polkadot continues upward and breaks through the 61.8% Fibonacci retracement level at $6.86, it could go even higher and touch the $7.76 range, further bolstering the positive sentiment surrounding the project.
However, there are still some positive trends in the current state of investments that are considered rather unpredictable. If Polkadot’s price falls below $5.41, there is no positive outlook, and it will take a 10% dip. This would shift the market into a bear market and have a significant impact on investors’ actions. This market is highly volatile and has the potential to decline to approximately $4.82. It is crucial to consider this reality when determining where to allocate our funds.
Polkadot must direct its attention to market positioning in addition to marketing, as it faces numerous obstacles in the financial and market environment. Successful spending management, contingent upon market conditions and token performance, will determine Polkadot’s position among other blockchain initiatives.
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The project will be the primary focus of attention, and individuals will anticipate the positive change in strategies that could result in sustainable development and a more stable position in the competitive blockchain market.
