Home Coin news Polkadot Active Addresses Hit Record 600,000

Polkadot Active Addresses Hit Record 600,000

08 Apr, 2024 Coin news

Polkadot Active Addresses Hit Record 600,000

The Polkadot network has achieved a record number of active addresses, setting a new milestone.

Data from DotLake, revealed in a Polkadot post on April 7, shows that the blockchain exceeded 600,000 active on-chain addresses by March's end.

“Activity continues to grow in the Polkadot ecosystem, where many apps use dedicated blockspace to prevent issues like network spam.”

Moonbeam, a cross-chain smart contract platform, accounts for more than 41%, or 248,000, of the total 605,000 addresses, with 191,000 addresses being generated directly on Polkadot itself, as per DotLake's figures.

Additionally, the count of unique accounts holding a balance above zero has increased, reaching over 5.59 million by March's conclusion, up from 5.53 million at the end of February.

Yet, the overall transaction volume on the network has not seen a significant increase.

In March, Polkadot recorded approximately 11.58 million transactions, a minor increase from 10.8 million in April, but still well below December 2023's high of 31.78 million transactions.

The value of Polkadot’s token declined by 3.3% in the 24 hours up to 12:38 pm UTC, positioning it at $8.95, making it the 14th largest cryptocurrency by market capitalization.

Currently, DOT has decreased by 83% from its peak of $55 in November 2021, as reported by CoinMarketCap.

Amid the ongoing craze for memecoins, the Polkadot community introduced its own memecoin, DOT is $DED (DED), which gained popularity on X starting March 23.

Polkadot holders were entitled to receive 36 DED tokens for every DOT they owned.

However, investor enthusiasm waned when the initial airdrop distribution was scaled down from 100% of the token supply to merely 5%, as disclosed by one of the project's pseudonymous developers, Giotto De Filippi, in a March 24 X Spaces.

Presently, DED's value is just above $0.001, attracting minimal interest post-airdrop.

Trading volume for the DOT/DED pair barely reached $20,536 over 24 hours on the Hydradx liquidity pool.

Sources:

https://cointelegraph.com/news/polkadot-active-addresses-600-k

https://twitter.com/Polkadot/status/1776884484790444267/photo/1

https://dashboards.data.paritytech.io/parachains.html

https://coinmarketcap.com/currencies/polkadot-new/

https://twitter.com/giottodf/status/1771763441440624973

https://app.hydradx.io/liquidity/isolated?id=1000024

https://www.tradingview.com/symbols/DOTUSD/

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