Polkadot active addresses hit record 600K

Zoltan Vardai11 hours agoPolkadot active addresses hit record 600KActive addresses on Polkadot have hit a new all-time high of 600,000 despite the community’s memecoin efforts failing to bring more attention to the protocol.1562 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Polkadot blockchain has reached a new all-time high in active addresses on its network.

Polkadot amassed over 600,000 active addresses on-chain by the end of March, according to data by DotLake, shared in an April 7 X post by Polkadot.“Activity continues to grow in the Polkadot ecosystem, where many apps use dedicated blockspace to prevent issues like network spam.”Polkadot: Active addresses chart. Source:Polkadot

Over 41%, or 248,000 of the 605,000 addresses, are attributed to the cross-chain smart contract platform Moonbeam, while 191,000 addresses were created directly on Polkadot, according to DotLake data.

The number of unique accounts with non-zero balances is also on the rise, surpassing 5.59 million accounts at the end of March, up from 5.53 million at the end of February.Number of unique accounts. Source:DotLake

However, total transactions remain subdued on the network. Polkadot saw a total of 11.58 million monthly transactions in March, slightly up from 10.8 million in April but far below the 31.78 million transactions recorded in December 2023.Number of transactions. Source:DotLake

Polkadot’s (DOT) token fell 3.3% in the 24 hours leading up to 12:38 pm UTC to trade at $8.95 as the 14th-largest cryptocurrency by market capitalization. DOT is currently down 83% from its all-time high of $55 reached in November 2021, according to CoinMarketCap data.

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In an effort to capitalize on the current memecoin frenzy and bring more participants to the blockchain, the Polkadot community spun up its own memecoin, DOT is $DED (DED), which started trending on X on March 23. Investors holding Polkadot were eligible for 36 DED tokens for every 1 DOT held.

Retail sentiment turned sour after the team reduced the initial airdrop allocation from 100% of the token supply to just 5% to create a longer financial runway for the memecoin, explained one of its pseudonymous developers, Giotto De Filippi, during a March 24 X Spaces.

DED is currently worth a little over $0.001, with seemingly little interest following the airdrop distribution. The DOT/DED trading pair only amassed $20,536 in 24-hour trading volume, according to the liquidity pool on Hydradx.

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