The Polkadot blockchain has reached a milestone with over 600,000 active addresses on its network by the end of March, as reported by DotLake and shared in a post by Polkadot on April 7.
Activity in the Polkadot ecosystem continues to expand, with many applications utilizing dedicated blockspace to prevent network spam, according to the post.
Of the 605,000 active addresses, 41% (248,000) are attributed to the cross-chain smart contract platform Moonbeam, while 191,000 addresses were created directly on Polkadot, based on DotLake data.
The number of unique accounts with non-zero balances has also increased, surpassing 5.59 million at the end of March compared to 5.53 million at the end of February.
Despite the growth in active addresses, total transactions on the Polkadot network remain subdued, with 11.58 million monthly transactions recorded in March, up from 10.8 million in April but significantly lower than the peak of 31.78 million transactions in December 2023.
The price of Polkadot’s DOT token experienced a 3.3% decline in the 24-hour period leading up to 12:38 pm UTC, trading at $8.95. DOT is currently down 83% from its all-time high of $55 reached in November 2021.
In an attempt to capitalize on the memecoin frenzy, the Polkadot community introduced its own memecoin called DOT is $DED (DED) on March 23. However, investor sentiment soured after the initial airdrop allocation was reduced from 100% to just 5%.
Despite the initial hype, DED is currently valued at a little over $0.001, with minimal interest following the airdrop distribution. The DOT/DED trading pair has only generated $20,536 in 24-hour trading volume on Hydradx.
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