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 by Polkadot in an April 7 post.
Out of the 605,000 addresses, 248,000 of them, or approximately 41%, are attributed to the cross-chain smart contract platform Moonbeam. Additionally, 191,000 addresses were directly created on the Polkadot network, according to data from DotLake.
Furthermore, the number of unique accounts with non-zero balances has been increasing. By the end of March, the number had surpassed 5.59 million accounts, compared to 5.53 million at the end of February.
However, 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 in April but significantly lower than the 31.78 million transactions in December.
The price of Polkadot’s token, DOT, experienced a 3.3% decline in the 24-hour period leading up to 12:38 pm UTC, trading at $8.95. DOT is currently the 14th largest cryptocurrency by market capitalization and has dropped 83% from its all-time high of $55 in November 2021, according to CoinMarketCap.
To take advantage of the current memecoin trend and attract more participants to the blockchain, the Polkadot community created its own memecoin called DOT is $DED (DED). This memecoin gained popularity on X starting from March 23. Investors holding Polkadot were eligible to receive 36 DED tokens for every 1 DOT held.
However, retail sentiment turned negative after the team reduced the initial airdrop allocation from 100% of the token supply to just 5% in order to ensure a longer financial runway for the memecoin. Giotto De Filippi, one of the pseudonymous developers, explained this decision during a March 24 X Spaces.
Currently, DED is valued at slightly over $0.001, with little interest observed following the airdrop distribution. The DOT/DED trading pair has only generated $20,536 in 24-hour trading volume, according to the liquidity pool on Hydradx.
In related news, Google has reportedly filed a lawsuit against alleged China crypto app racketeers.