Record High: Polkadot’s Active Addresses Surpass 600K

The Polkadot blockchain has achieved a new record in terms of active addresses on its network. As of the end of March, Polkadot had over 600,000 active addresses, according to data from DotLake. The growth in activity in the Polkadot ecosystem can be attributed to the use of dedicated blockspace to prevent network spam. Out of the 605,000 addresses, 248,000 are linked to the cross-chain smart contract platform Moonbeam, while 191,000 addresses were created directly on Polkadot.

Apart from active addresses, the number of unique accounts with non-zero balances has also increased. By the end of March, there were over 5.59 million accounts with non-zero balances, a slight increase from the previous month. Despite the growth in active addresses and accounts, the total number of transactions on the network remains relatively low. In March, Polkadot recorded a total of 11.58 million transactions, compared to 10.8 million in April and 31.78 million in December.

The price of Polkadot’s token (DOT) also experienced a decline of 3.3% in the 24 hours leading up to 12:38 pm UTC. It is currently trading at $8.95, making it the 14th largest cryptocurrency by market capitalization. This represents an 83% decrease from its all-time high of $55 in November 2021.

In an attempt to attract more participants to the blockchain and take advantage of the memecoin trend, the Polkadot community created its own memecoin called DOT is $DED (DED). This memecoin gained popularity on X starting from March 23. Initially, investors holding Polkadot were eligible to receive 36 DED tokens for every 1 DOT held. Sentiment among retail investors turned negative when the team behind DED reduced the initial airdrop allocation from 100% to just 5% of the token supply. This decision was made to ensure a longer financial runway for the memecoin.

Currently, DED is valued at a little over $0.001, and there seems to be little interest in the token following the airdrop distribution. The trading volume for the DOT/DED trading pair is relatively low, with only $20,536 recorded in 24 hours according to the liquidity pool on Hydradx.