The Polkadot blockchain has achieved a new record in terms of active addresses on its network. By the end of March, Polkadot had accumulated over 600,000 active addresses on-chain, as reported by DotLake and shared in a post by Polkadot on April 7. Out of the total addresses, 248,000 (41%) are associated with Moonbeam, a cross-chain smart contract platform, while 191,000 addresses were directly created on Polkadot. Furthermore, the number of unique accounts with non-zero balances has also increased, reaching 5.59 million at the end of March, compared to 5.53 million at the end of February.
Despite these positive developments, the total number of transactions on the network remains relatively low. In March, Polkadot recorded a total of 11.58 million monthly transactions, slightly higher than the 10.8 million transactions in April but significantly lower than the 31.78 million transactions in December 2023.
The price of Polkadot’s token, DOT, has experienced a 3.3% decline in the 24-hour period leading up to 12:38 pm UTC, trading at $8.95. This places DOT as the 14th-largest cryptocurrency by market capitalization. However, the current price of DOT is 83% lower than its all-time high of $55, which was reached in November 2021, according to CoinMarketCap.
In an attempt to take advantage of the current memecoin frenzy and attract more participants to the blockchain, the Polkadot community launched its own memecoin called DOT is $DED (DED). The memecoin gained popularity on X starting from March 23. Investors who held Polkadot were eligible to receive 36 DED tokens for every 1 DOT they owned. However, retail sentiment turned negative after the team reduced the initial airdrop allocation from 100% of the token supply to just 5%. This decision was made to ensure a longer financial runway for the memecoin, as explained by one of its developers, Giotto De Filippi, during a March 24 X Spaces event.
Currently, DED is valued at slightly over $0.001, with limited interest following the airdrop distribution. The trading volume for the DOT/DED pair on the liquidity pool of Hydradx stands at only $20,536 in the past 24 hours.
In related news, Google has reportedly filed a lawsuit against alleged crypto app racketeers operating in China.