Polkadot Hits Record High Active Addresses, Amid Low Transactions & DOT Price Dip
Summary:
Polkadot blockchain has witnessed a new record with over 600,000 active addresses on its network by March's end. Increased activity is attributed to moonbeam platform and natural growth, with over 5.59 million unique accounts with non-zero balances. However, the total transactions have been relatively low. Meanwhile, the Polkadot (DOT) token price fell 3.3%. The introduction of Polkadot's memecoin, $DED, hasn't sparkled much interest post airdrop.
The Polkadot blockchain has achieved a record-breaking number of active addresses on its network. By the end of March, more than 600,000 active addresses were recorded on-chain, as per DotLake data, unveiled in an April 7 blog post by Polkadot. The Polkadot ecosystem's activity keeps on flourishing, supported by numerous applications that utilize dedicated blockspaces to avoid network congestion issues.
The chart of active addresses on Polkadot discloses that more than 41% or 248,000 out of 605,000 addresses are associated with the cross-chain smart contract platform Moonbeam. Meanwhile, around 191,000 addresses have been directly created on Polkadot. The rise in unique accounts with balances is also noticeable, reaching beyond 5.59 million by March's end, marking an increase from February's 5.53 million.
However, the total number of transaction figures hasn't shown much growth. In terms of monthly transactions, Polkadot barely witnessed a raise this March with 11.58 million transactions, an insignificant rise from April's 10.8 million. This figure, however, is far from December's high of 31.78 million.
At the time of reporting, the Polkadot (DOT) token experienced a 3.3% decrease within the last 24 hours, standing at $8.95 currently. Being ranked 14th by market cap, DOT has slumped by a whopping 83% from its peak of $55 in November 2021, as stated by CoinMarketCap.
In an attempt to ride the ongoing memecoin wave and entice more users, Polkadot introduced its own memecoin, $DED (DED), on March 23. Polkadot holders were eligible for 36 DED tokens per each DOT held. After reducing the initial airdrop distribution from 100% to 5%, retail sentiment took a negative turn, according to Giotto De Filippi, a pseudonymous developer. Currently, DED's value is slightly above $0.001, showing a lack of interest post airdrop. Trading volume for the DOT/DED pair barely reached $20,536 in the last 24 hours, as per Hydradx's liquidity pool.
Published At
4/8/2024 3:57:38 PM
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