Polkadot Price Craters 10.63% as Profit-Taking Takes Hold

Polkadot's price took a significant hit on September 9, falling 10.63% to around $1.11. This decline is particularly notable considering that Bitcoin and Ethereum saw much smaller drops.

The slump follows a recent rally driven by the governance proposal for a native stablecoin called dotUSD, which remains under vote and not yet finalized.

According to analysts, the drop appears linked to profit-taking and derivatives selling rather than broader market weakness, as overall crypto sentiment remained positive.

Recovery will depend on reclaiming key resistance levels and clarity on the referendum's outcome. The fate of dotUSD remains uncertain until its vote is finalized.