The Polkadot blockchain has achieved a new record in terms of active addresses on its network. According to data from DotLake shared on April 7, Polkadot has garnered over 600,000 active addresses on-chain by the end of March. The chart provided by Polkadot shows the increasing number of active addresses.
Out of the total 605,000 addresses, 248,000 (41%) are attributed to the cross-chain smart contract platform Moonbeam, while 191,000 addresses were directly created on Polkadot.
Additionally, the number of unique accounts with non-zero balances has also seen growth, surpassing 5.59 million accounts at the end of March, up from 5.53 million at the end of February. The chart provided by DotLake showcases the increasing number of unique accounts.
However, the total number of transactions on the network remains low. In March, Polkadot recorded a total of 11.58 million monthly transactions, slightly higher than the 10.8 million in April but significantly lower than the 31.78 million transactions in December 2023.
As for the token performance, Polkadot’s (DOT) value declined by 3.3% in the 24-hour period leading up to 12:38 pm UTC, trading at $8.95. The token is currently down 83% from its all-time high of $55 reached in November 2021, according to CoinMarketCap data.
In an attempt to capitalize on the popularity of memecoins and attract more participants to the blockchain, the Polkadot community introduced its own memecoin called DOT is $DED (DED). The memecoin gained traction on X on March 23, and investors holding Polkadot received 36 DED tokens for every 1 DOT held.
However, retail sentiment turned negative after the team reduced the initial airdrop allocation from 100% to just 5% of the token supply, in order to ensure a longer financial runway for the memecoin, as explained by one of its pseudonymous developers, Giotto De Filippi, during a March 24 X Spaces session.
Currently, DED is valued at a little over $0.001, with limited interest following the airdrop distribution. The trading volume for the DOT/DED pair is only $20,536 in the 24-hour period, according to the liquidity pool on Hydradx.
In related news, Google has reportedly filed a lawsuit against alleged China crypto app racketeers.