币界网报道：While the cryptocurrency market has experienced significant growth amid growing popularity and acceptance, Polkadot [DOT] has taken a very different path. As a result, the chain’s network usage and price performance have both collapsed in tandem. The most obvious indicator is its price. DOT has plunged 93.9% from its all-time high of $55 set nearly four years ago. This deep drop has reignited the debate over the long-term viability of the chain. Some are relentless. Analyst Nonzee believes that Polkadot is “dead” — citing its failing usage metrics and ecosystem decline. Raised $500 million but lost its way: Rise and Stagnation. With $500 million in funding, its core team laid out a bold vision to surpass Ethereum as the developer chain of choice. But momentum waned after the launch of Parachains. Actual usage stagnated. The main chain’s daily active users fell to 5,000 in 2025. Developer interest, once strong, fell from 2,400 to 1,000. As activity evaporated, capital fled. Amid this decline in network usage, new capital stopped flowing in, while existing investors exited the market. As a result, DOT’s transaction volume dropped from 39 billion to 5 billion, indicating a drop in on-chain activity. Revenues evaporated as well. Polkadot generated just $462 and remained below $1,000 for two months in a row. This is a red flag for a network that was once hyped as an infrastructure cornerstone. Polkadot’s circulating market capitalization is just 0.15%, cementing its increasingly irrelevant position among competing chains. Investors responded by reallocating funds elsewhere. No users, no developers, no future? While DOT continues to fall, other crypto assets are growing. In light of this, it is worrying that investors are taking a step back from the market. Can DOT recover, or will it get worse? According to analysis by AMBCrypto, Polkadot is experiencing unfavorable market conditions. These conditions put DOT at risk of more losses on the price chart. As of this writing, it is trading at $3.3, down 26.8% in a month and 47.1% in a year. Its RSI is drifting towards the oversold territory, indicating sustained selling pressure. If the sellers hold out, DOT could drop to the $3.0 support level and then possibly to $2.8. Buyers need to step in soon to prevent deeper losses. A rebound is not out of the question. If the sellers let up, DOT might try to push towards the $3.6 resistance level. But if it falls below $2.6, then the talk of DOT becoming a “death chain” might be more than just harsh comments.