Polkadot is one of the projects that was heavily promoted by Binance as something that could be an alternative to Ethereum, and it was even better than some of the alternatives that compete now, such as ADA, but Polkadot was unable to achieve continued popularity, and Binance moved to promote other ideas, which is Shiba Inu, as memecoins was at its peak at those times.
In the recent bear market, Polkadot did not succeed in attracting attention and is considered a non-friendly blockchain despite the low fees it provides, but strong projects in terms of fees have emerged, such as SOL. All of these factors made all of Polkadot’s features available in a different blockchain and thus it did not gain any momentum.
Investors preferred Solana on top of Polkadot because of its cheaper fees and faster settlement times. SOL was overhyped, while DOT was only known among a small few. The lack of a strong marketing/promotion strategy, has led Polkadot to where it is right now. I'm not sure if the upcoming Polkadot 2.0 upgrade will save the project. Developers aren't building "meme" coins or NFTs on the Polkadot chain, anyways.
Without something that would "pump" DOT's market price, the project would be nothing but doomed. At least, the coin delivers as promised. The crypto market behaves in many strange and bizarre ways, so expect the unexpected.
