In spite of the community’s memecoin initiatives failing to increase the protocol’s visibility, the number of active Polkadot addresses reached a new record high of 600,000.
There are now more addresses actively using the Polkadot blockchain than ever before. Data from DotLake, which Polkadot released in an April 7 X post, shows that at the end of March, Polkadot had over 600,000 active addresses on-chain.
“Many applications use dedicated blockspace to avoid concerns like network spam,” the Polkadot ecosystem says, “and activity continues to expand.”
Polkadot is directly responsible for 191,000 of the 605,000 addresses, while the cross-chain smart contract platform Moonbeam is responsible for over 41%, or 248,000, according to DotLake statistics.
Not only that, the number of distinct accounts with balances greater than zero is also on the increase, rising from 5.53 million at the end of February to 5.59 million at the end of March.
Nevertheless, overall network transactions are still rather low. In March, Polkadot had 11.58 million monthly transactions, which is somewhat higher than April’s 10.8 million but much down than December’s 31.78 million transactions.
Polkadot’s token, which ranks fourteenth in terms of market capitalization, lost 3.3% in the twenty-four hours before 12:38 pm UTC, trading at $8.95. In November 2021, DOT achieved an all-time high of $55, according to data from CoinMarketCap. Since then, it has fallen 83%.
The Polkadot community created its own memecoin, DOT is $DED (DED), which began trending on X on March 23 in an attempt to cash in on the present memecoin craze and attract new users to the blockchain. As an incentive, Polkadot holders may earn 36 DED tokens for every 1 DOT token they own.
During a March 24 X Spaces, one of the memecoin’s pseudonymous developers, Giotto De Filippi, said that the team decided to lower the first airdrop allocation from 100% of the token supply to only 5% in order to give the coin more time to generate revenue. As a result, retail sales dropped.
There seems to have been minimal interest in DED since the airdrop distribution, causing its current value to be little over $0.001. The Hydradx liquidity pool reports that the DOT/DED trading pair only managed $20,536 in 24-hour trading volume.
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