The number of active addresses on the Polkadot blockchain has increased to a record milestone of 600,000.
By the end of March, Polkadot had over 600,000 active addresses on-chain, based on data from DotLake that Polkadot revealed in an April 7 X post.
“The Polkadot ecosystem is still growing, with many apps using dedicated blockspace to avoid problems like network spam.”
“Activity continues to grow in the Polkadot ecosystem, where many apps use dedicated blockspace to prevent issues like network spam.”
DotLake data indicates that 248,000 out of 605,000 addresses, or more than 41% of the total, are linked to the cross-chain smart contract platform Moonbeam, whilst 191,000 addresses were established directly on Polkadot.
Additionally, there are more and more distinct accounts with non-zero balances; at the end of March, there were over 5.59 million accounts, up from 5.53 million at the end of February.
On the network, overall transactions are still modest. Polkadot recorded 11.58 million monthly transactions in March, a slight increase from 10.8 million in April but a far cry from the 31.78 million transactions registered in December.
In the 24 hours before 12:38 pm UTC, Polkadot’s DOT token dropped 3.3%, trading at $8.95, making it the 14th largest cryptocurrency by market capitalization. According to CoinMarketCap data, DOT has fallen 83% from its all-time high of $55 in November 2021.
DED Memecoin
The Polkadot community created its memecoin, DOT is $DED (DED), which began trending on X on March 23 to cash in on the current memecoin mania and attract new users to the blockchain. For each DOT held, investors with Polkadot could receive 36 DED tokens.
The retail mood soured after one of the meme coin’s pseudonymous developers, Giotto De Filippi, revealed during a March 24 X Spaces that the company had cut the initial airdrop allocation from 100% of the token supply to just 5% to establish a longer financial runway for the meme coin.
After the airdrop distribution, DED has minimal interest, with a current value of just over $0.001. The Hydradx liquidity pool shows that the 24-hour trading volume for the DOT/DED trading pair was only $20,536.
