Polkadot Price Slips Amid Strong Decentralization Profile

Polkadot's price is facing sell pressure despite its strong decentralization profile and positive ecosystem developments. According to Chainspect's Nakamoto Coefficient data, Polkadot leads the list of networks, ahead of TON and Avalanche, with a coefficient indicating greater resistance to coordinated manipulation.

The network has seen significant staking activity, with over 900 million DOT now staked, bringing it closer to the 1 billion milestone. Rewards offered at an average rate of 2.8% have also contributed to the network's growth.

However, the Polkadot price has weakened after reaching $1.02 on August 22, slipping below its 50-day EMA and leaving $0.71 as the next important support level if selling continues.

The delisting of Hydration's HDX by Kraken also adds to the pressure, with the protocol appealing the decision and seeking discussions with the exchange.